4/22/2008
So tonight after work I stopped off at Lowes and a few plumbing stores and found a 4" sewer cleanout setup. After I got home I cleaned off the rest of the remnants of the old cap that were still glued inside of the pipe.
Next I started grinding down the elevated concrete around the pipe with a wire wheel on a fast drill. It kicked up alot of dust so by then my neighbor Mark had come over to see what was up and had an idea to use water to keep down the dust, it worked like a champ, very slow, but still worked with very little dust at all.
We then used a cold chisel he had brought over and it worked very fast and did a good job of chipping the concrete down to elevation with 10x the results of the wire wheel.

Next we ground the rest of it smooth, and the end result looked like this: (Nice and level)

The next thing I wanted to do was to cut the pipe down below the concrete to avoid having to patch any concrete at all if possible. I marked the inside of the pipe by placing the new cap housing .25"+ in the pipe and used a small level to ensure the cut would be level. I nexed used a dremel with a cutoff blade to trace around the pipe. After removing the housing, I was then able to cut a nice level line all the way around the pipe and we pried up on the pipe as I went around a final time to cute the pipe completely.
Notice the nice clean line and the even depth!

Next I sanded the inside of the pipe to get rid of the old glue drips, primered both the new housing and the 4" pipe, then glued it together and tapped it down where it ended up flush with the concrete.
The end results!
Top View:

Side View:
Summary:
I am particularly happy with the results as this pipe has been bugging me for months, but once we got into it, Mark and I were able to get the end result in a little over an hour. The beauty of this fix is the cost of $4 and
NO need for concrete patching as well as eliminated the need to consider an expensive Drycore or plywood floor to level out the floor!
(Told you I was cheap as hell

)