[Shotimes] Exhaust Leak?

[Christian Kesselring]

This morning, as I scraped the ice from my windows, I noticed a weird
popping noise coming from underneath the SHO.  When I looked, I saw a thick,
steady stream of fluid (water?) pouring from the joint between the y-pipe
and my cat-back pipe.  A faint trace of exhaust was also escaping.  Does
this mean I have a bad gasket ready to be replaced, or should I just check
the torque on the bolts?  TIA

Christian Kesselring
'92 SHO 120k
'02 PT Cruiser 15k