Boomer

That be condensation....
And yes it should be there...

Ever wonder why exhaust systems rust from the inside out sometimes?
Thats why.

Those cars are usually driven for short distances...meaning the exhaust doesn't have enough time to warm up and evaporate the condensation....so the water just sits there and eventually rusts. By the time you see it, its too late (because it was inside out....)

When revving the snot outta the car...the water comes out the tailpipes

vega

Few, I was afraid error #1 was gonna pop up.

GhostTX

Water is one of the by-products of burning gasoline...

Hydrocarbon + O2 = CO2 + H2O

The perfect combustion of any hydrocarbon results in CO2 and H2O...its when you get imperfect combustion and other elements in the air where you get all the pollution.