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I accidentally found this when I was just under the rear of the truck looking around. It is on the rear driver's side axle, as far as I know it's been this way since I bought the truck last summer. It obviously isn't leaking.
It breaks. It's just a rubber hose with a breather cap on the end up under the bed.
Cut the old tube off the axle flange and just push the hose back on it
Check it for dirt first though.
Mine had a bunch of dirt in it when i found mine broke, I used a drill bit to get it out.
If your worried about it, just replace it with a better hose and the breather cap.
You don't need to use a hose clamp on it, you'd probably just lessen the life of the hose by squeezing it.