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You'll hear it called a Spindle Nut. This if for 2wd trucks only. Its holds the front brake rotor/bearing assembly on. 295 ft-lbs is correct. FYI: Its a good idea to buy new spindle nuts...they have a nylon coating on the threads to prevent them from backing out. Its basically the only thing holding your front tires onto the front suspension.
Just to update I went ahead and got tired of messing with it. So I took it to the dealer and let them do it. I didnt have a wrench that would do 295 anyway.Thanks for the info.