My moutain bike has something similar on it. I just went outside and stuck a flat blade screwdriver in it and popped it off, it's just a dust cover of sorts on my bike. There is a regular bolt under the cover.
u might need a new or a good used set of bearings there. man if ya was closer i would give ya a set i have just laying around in my ole parts box lol came off a wreck bike i found awhile back. had a good crankset on it.
Yes , you will need to either purchase a Shimano BB Tool or take the frame/bike to the local bike shop Park Tools http://www.parktool.com/category/bottom-bracket are usually reasonably priced. They probably even have them at the REI where you bought the BB.
ocscully
You might try using a good punch and a hammer? You are aware that the cup has left hand threads? If you have no intention of ever using it again It appears to me that you might also be able to get enough bite on it with a pipe wrench.
ocscully
maybe a piece of flat steel across the center like a big screw-driver and a cresent wrench(I know ,They are susposed to be called adjustable wrenches)