Direct from the Geocaching Help Center:
Help Center: Letterboxes
Tribute to letterboxing
Letterbox Hybrids are based on an older kind of container search, called letterboxing. Because letterboxing began in 1854, before GPS existed, the finder follows written instructions to discover the container.
Each letterbox contains a logbook, and a rubber stamp. When letterboxers find the container, they stamp the logbook with their personal stamp, and also stamp their own notebook with the stamp from the letterbox as a souvenir of their visit. The stamp and logbook remain in the letterbox for the next visitor to use.
To find this cache:
Starting at the posted coordinates....use the GPSr to navigate to the bridge at N 32 53.349 W 105 55.215.
Follow the drainage ditch on the pedestrian walking path East bound for approximately 652 meters
Follow the 'bend in the road' (or the bend in the ditch as it is) for an additional .2 miles as the crow flies towards the North
You should come to a small foot bridge over the concrete arroyo. Turn right (East) over this bridge.
This would be a great spot to STOP, and ADMIRE the beautiful view that is the Sacramento Mountains. Take it all in, maybe even take a few photos. (completely optional, not required). I can see GZ from here, can you?
Proceed East up the trail that lies in front of you. OH, you say there's two trails? Hmmm, Let's stay to the North one.
Follow the trail, approximately 383feet from the foot bridge, until you come to a bend and a weeping Yucca.
You will step off the trail at approximately N 32 53.326 W 105 55.147 and your prize will be a mere 31-ish feet away at this point.
SECRET: The weeping Yucca keeps watch over the hide as it is within 5 feet of it.
LEAVE the stamp in the letterbox, BRING your own ink pad.
Place your stamp in the log, or just sign the log. BYOP.

FINAL Coordinates are: N 32° 53.323' W 105° 55.140'
Hidden with inspiration in the YEAR of the HIDE. GAME ON!