Yes, you pretty much have the idea. Remove the monster hose clamp from around the large plastic ring. The ring will unscrew like a big jar of pickles. I have been known to cheat and just use a big ass screwdriver to lever the edge of the ring up. Slide your monster screwdriver in the hole and use the bottom edge of the hole as your leverage point, engage one of the ribs on the ring at about 3:00 and push down on the handle which will lever up on the ring. Continue to do this until it is loose enough that you can do it by hand. In the event that you need to leave it open for an extended period of time do yourself a favor and spin the ring back on as the threaded mouth that it goes on will expand just enough to make your life a nightmare.

Mark