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.
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.