Gibberish volume in finder which is inaccessible and un-deletable
Drag it off the Favorites bar?

You didn't give enough details, so I'm not sure you can do this, but hold down the ⌘Command  button and drag it off the Favorites bar (anywhere on the screen).
You will see a cloud-like animation beneath the pointer.
Then, release it.

POOF! It is out of the Favorites bar and your hair. :)