Nothing actually makes sense about this, but with the information you are giving me I definitely wouldn't point the finger at the clutch slave cylinder or throw-out bearing.
I'm still leaning toward a clutch disk problem.
Since you were just cruising around when it went out and not under heavy load I wanted to rule out clutch disk breakage. However, you should have some small tug on the clutch.
If the hub of the disk spun out, i.e. sheared off and is free-spinning withouth the disk friction material turning then you would get the exact same results you describe. It doesn't make sense for it to have happened at very light load though.
I'm thinking the hub in your clutch disk partialy sheared when you shifted under load. Then while you were cruising it went the rest of the way. It kind of makes sense to me that if the metal tabs that come out of the hub and have the friction material riveted to them were to break then there would be some intermittent grabbing/operation of the clutch. It might have been enough for it to spin and lock, until such time as the whole hub stripped out.
Either way you have to pull your transmission.
Let me know how it goes...if I'm correct I guess.
Former owner of '99 CSVT - Silver #222/2760
356/334 wHP/TQ at 10psi on pump gas!
See My Mods
'05 Volvo S40 Turbo 5 AWD with 6spd, Passion Red
'06 Mazda5 Touring, 5spd,MTX, Black