ASH8

HUH?...are you dropping (launching) the clutch at 5000 RPM?...

If you think it is oil you could have a rear main oil seal (eccentric shaft) leak, or the oil seal around your input shaft on the transmission side could be leaking Trans Fluid (unlikely).

How many Miles have you done...

There is a very small "weep/vent " hole at the bottom of your Bell housing (where your clutch is), get under the car from the drivers side and look, you will see a small round hole about a 1/4 of an inch at the bottom and middle of bell housing, if this has oil seeping out then check to see if it is thin oil or a thicker oil..

Thin oil is Rear Main Eccentric shaft seal. (Engine Oil)
Thick oil is your Input shaft seal leaking trans fluid.

catgut

No, I'm not launching at 5k, just once in awhile I'll give it some throttle just before I move, I like the sound. Then I'll take off normally at 1 to 1.5k, I've been driving stick since '95 so I'm not a newb and I've never had this smell on any of the cars I've had. I always sit at a stop in neutral, even roll the last 10-20 ft. of a stop in neutral. If I rev it all the way up to 7 or 8k while in neutral there's no smell. But if I engage the clutch at a stop and rev it up for a sec. it smells bad, so it must be clutch related.

I bought the car 6 months ago with 34k on odo., now at 40k. I have been paying attention to any spots in the driveway but haven't seen any.

I've read also that the stock tranny isn't that great at all and many owners have had to replace clutches far too soon, maybe I'll just install something better-Keith

Cromax

If you're blipping the throttle you may be riding the clutch a bit too much, or the clutch is on its way out especially if you can't launch the car without clutch slippage from about 4-5krpm.

It's very easy to butcher a clutch in the RX8 ... as many can testify.