Water cooled leaking water, or a feul leak??
Paul
My guess is that it's fuel. I didn't even notice that in the photo (doh!), until someone else pointed it out.
For those of you not in the know, the reference to Carl "thinking with his dipstick" is related to the following Castrol commercial. It seems that the dipstick in Carl's motor was missing on his first pass, so we had some fun with him...
http://www.youtube.com/v/Mj5ms9PJDNY