Woohoo, my DSM field of expertise :wink:
Easiest thing to do is to bleed the system again. If that solves the problem, you have either a leak in the lines, a leaky slave cylinder, or a leaky master cylinder. That little rubber boot will help keep the slave cylinder seal from developing a leak.
The next thing to check is all of the transmission to engine bolts. If more than one of these is loose the transmission will move instead of the clutch pak. To check for transmission movement, position yourself so that you can press the clutch pedal and see the transfer case/transmission at the same time. Could also be a broken bellhousing, eek.
If you haven't adjusted the master cylinder rod out to the max, you can try that also.
Link for clutch adjustment:
http://mywebpages.comcast.net/njdsm2/clutch.html
Another possibility is a worn out clutch pedal assembly, to check for that press the clutch to the floor once and slowly let it up. If you can pull the pedal up by hand quite a bit after it has risen by itself, its worn out. It looks painful to change though.
I'll post again if I think of anything else.