Gibberish volume in finder which is inaccessible and un-deletable

I'm not sure when it got there, but there is what looks like the icon for a time machine volume in my favorites sidebar for finder, but its name is gibberish : "_fTz328nSUG4ZgV4k5KaRm." If I click on it the name flashes the top of the finder window with the body blank then goes back to whatever the window was displaying before. I can't right click it. I can't drag it into the trash, although I can drag it around the favorites bar. I don't know where it came from, but I would like to get rid of it so I don't have to look at it any more. I am running OSX 10.7.5 on an early 2008 Macbook Pro.

Solution 1:

Drag it off the Favorites bar?

You didn't give enough details, so I'm not sure you can do this, but hold down the ⌘Command button and drag it off the Favorites bar (anywhere on the screen). You will see a cloud-like animation beneath the pointer. Then, release it.
POOF! It is out of the Favorites bar and your hair. :)