Water out the exhaust
Anyway, if it's like mine then it won't even drip after the car has been running a few mins.....

When its put on a mufler/pipe, it heats up and hardens. I Placed one inside the bandclamp that connects my driverside header to the exhaust system to seal it up better. It crystalized and i damn near had to jackhammer it off.
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The small leaks where they're clamped will most likely seal up after a few weeks from small carbon deposits. If it bothers you that much, crank your clamps down some more.
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If you drive your car for short distances and there isn't enough time for the condesation to evaporate then water will build up. If you have a small leak then the water will have a way out of the exhuast system and you won't have to worry about water inside the exhuast.
Its just normal that the air is hot so no condensation occurs, winter lets the condensation work and precipitate out the water from the exhaust which is ALWAYS there. Just put your hand close to your exhaust you will get moisture on it.
As stated above, your converters convert to H2O, which when at full operating temp (or warm day), is so vaporized that you cant see it. It steams as it condenses in the catback, which you can sometimes see, and even turns back into a liquid if the temperature is low enough to condensate all the way
I've seen water come out the back with a blown head gasket.







