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My friend was sick this weekend so I couldn't get down too use his tire machine, so I frigged around with it more last night.
With an ez out I was able to get the red part out. Air still didn't come out of the stem. I poke at it some, and tried installing a valve, when I backed the valve out, that third part, a tiny tip came out. Very little air leaked, so I poked at it and cleaned it out and was able to get the valve in, but the tire filled VERY slowly. Took the valve out and cleaned the hole more. Filled it again and it still didn't seem right. Took the valve out and let the air out. Partway, some gunk shot out. Put the valve back in and set it to 38 psi and left it last night and it is holding air!!!