If you are not going to reuse the old 02 sensor, just cut the wire and use a normal deep socket to remove it. Before putting in the new 02 sensor, attach a compression gauge (the thread on the 02 bung is the same as for spark plugs) pre cat and read the back pressure with the engine running. The back pressure should be 0 but no more then 2 psi. If the pressure is more then 2 psi, your exhaust system is clogged.

A new 02 sensor can be installed with an open end wrench so there is no need to buy the "special tool".