Will this clear my check engine light?

Only if the fault code is actually pointing to the oxygen sensor. Scan your vehicle first to confirm P0130–P0135 range codes. If it's a different fault, fixing the sensor won't clear unrelated errors.

Do I need any special tools or sealant to install this?

You'll need a socket wrench and ideally an oxygen sensor socket (makes removal easier without damaging the wiring). No thread sealant required—the factory threads are fine as-is. Let the engine cool before touching the exhaust manifold.

What happens if I install this and the light comes back on?

Return it within 30 days if the code reoccurs immediately after install. More likely: a dirty MAF sensor, vacuum leak, or failing catalytic converter is the real problem. Have the codes scanned again to confirm.