the file has x/y coordinates of decimal degrees (aka unprojected, aka decimal degree data), it has a NAD 83 data, if it wasn't defined, then you can define it as a GCS NAD83 (in the unprojected coordinate system, north american datum section). The Z values will either be in feet (possible if in the US) or meters (possible in the US but almost guaranteed in the rest of the world...some countries and legacy datasets excepted). Once you have a defined coordinate system using the Define Projection tool, you then...and only then...may proceed to project it using the Project tools (either within the raster or vector section of the Data management tool, Projections and coordinate systems...yadditty, yaddity, yaddity...depending upon your version.
I yearn for the days where you couldn't use a grid or shapefile unless it had a coordinate system defined...projection on the fly and weak warnings about coordinate systems not being defined, produce a lot of traffic on this forum, confusion amongst users (of many levels) and should be rectified within the software...rant over...give it a try and document your exact steps should any of the above fail to produce a dataset from which you can determine a slope grid. Good luck