From what i understand you just turn the car off, and pump the pedal and hold it down, while someone opens up the valve on the slave cylender, and that will get the air out...am i going to loose alot of fluid, so i have to get some new fluid?

 

yup, just make sure you keep topping of the fluid in the reservoir so you don't put more air into it.

 

pumping the pedal isnt necessary. Just push and hold down the pedal, open the bleeder, close the bleeder, depress and pushdown the pedal again. you can usually do it 2 times before refilling the resivoir.