I have the same problem my 2001 V6 is leaking what it looks to be water before it connects to the exhaust, i think there may just be a hole in my exhaust system hopefully nothing to worry about for now.
your AC drainage hole is plugged.dvdasmth said:My neighbor has a Mustang 2000, 3.8, V-6 engine. Water is leaking from looks to be a rubber plug on the firewall directly over the exhaust pipe and almost at the connection with the exhaust manifold. Can anyone tell me what this is and how to correct the problem?