Muffler or exhaust pipe cracked or leaked air is there power loss in the engine?

If its clear water, its normal.
The job of the catalytic converter is to convert exhaust gas into water vapor. Air temp can affect how much liquid water you see coming out of the pipe.
If its oily water it could be a coolant leak.

check for a crack in the manifold to exhaust pipe connection
to allow the engine to move ,there is normally a flexible piece of exhaust pipe in a stainless steel braid that cracks and allows exhaust sound out especially on acceleration
could be even broken at the manifold connection at the flange

defective catalytic convertor. It may be plugged up.Make sure ALL the exhaust line from intake manifold(at engine block) to final exhaust pipe are not clogged up.You have reverse exhaust pressure going back towards engine manifold.

muffler explosion
#1 reason , EFI running rich as a pig (CEL glowing and warning)
and exhaust cracks, (adds air )
air + fuel = muffler explosion and can blow the whole thing to H3LL
pipes blast off. car.

Sounds like more water than can get out a crack. Check if you have a frost plug on the block has come loose and leaking. There will be about 3 on each side of the engine block, located just below where the exhaust manifold mounts to the block. It's a pretty easy repair, provided there is enough room to work where it is located. Sometimes a smaller such plug will be found on the rear of the engine. The coolant must be leaking externally and running and dripping off your exhaust .

what you hear could be exhaust leak at exhaust manifold or muffler exhaust pipe broken.

Right-Hand
Removal

1. Remove spark plug heat shield (12A406).
   

1. Remove distributor to spark plug wires (12286) using Spark Plug Wire Remover T74P-6666-A.
   
1. Disconnect muffler inlet pipe.
   
1. If equipped with secondary air injection, disconnect the secondary air injection check valve tube (9B480).
   
1. Remove attaching bolts and right exhaust manifold (9430).
   
1. Inspect joint faces for signs fo exhaust leaks, cracks or any defect that would make exhaust manifold unfit for use
   

Left-Hand Removal






1. Remove oil level indicator tube (6754).

1. Remove spark plug heat shield.
   

1. Remove distributor to spark plug wires using Spark Plug Wire Remover T74P-6666-A.
   

1. Disconnect EGR valve to exhaust manifold tube (9D477). If equipped with air injection, disconnect the secondary air injection check valve tube.
   

1. Disconnect muffler inlet pipe.
   

1. Remove attaching bolts and exhaust manifold (9431).
   

1. Inspect joint faces for signs of exhaust leaks, cracks or any defect that would make the exhaust manifold unfit for use.
   

Installation

1. Clean mating surfaces of right exhaust manifold or left exhaust manifold and cylinder head (6049). Clean mounting flange of right exhaust manifold or left exhaust manifold and inlet pipe(s). Clean mounting surface for air injection tube or right exhaust manifold. Apply light film of Premium Long-Life Grease XG-1-C or -K or equivalent meeting Ford specification ESA-M1C75-B to right exhaust manifold or left exhaust manifold.
   

1. Position right exhaust manifold or left exhaust manifold on cylinder head. Install attaching bolts and washers, starting at fourth bolt hole from front of each right exhaust manifold or left exhaust manifold. Tighten bolts to 34-47 Nm (25-35 lb-ft), working from center right to both ends.
   
1. Position inlet pipes to right exhaust manifold or left exhaust manifold. Install attaching nuts and tighten to 34-47 Nm (25-35 lb-ft).
   
1. Position the secondary air injection check valve tube and the secondary air injection tube gasket (9C435) at rear of right-hand exhaust manifold. Install attaching bolts and tighten to 19-25 Nm (14-18 lb-ft).
   
1. Attach the secondary air injection manifold tube (9B449) to left-hand exhaust manifold fitting (located under EGR tube). Tighten nut to 30-40 Nm (22-30 lb-ft).
   
1. Attach the secondary air injection check valve tube to rear of right-hand cylinder head. Tighten bolts to 75-85 Nm (56-62 lb-ft).
   
1. Connect EGR valve to exhaust manifold tube to left exhaust manifold, if removed. Tighten nut to 53-72 Nm (39-53 lb-ft).
   
1. Install spark plug heat shield and distributor to spark plug wires.
   
1. Install oil level indicator tube to left exhaust manifold, if removed. Tighten nut to 13-24 Nm (10-18 lb-ft).
   
2. Start engine (6007) and check for exhaust leaks.
   

Hope this helps you...WF †

stopped up Catalytic converter. You need a muffler shop or remove it yourself if its bolted on.

Have you checked the flex pipe section under the engine, and the gasket between the manifold and cat/flex pipe section? Those are two places they usually start to leak from either a blown gasket, or the flex section rusts out under the protective covering.

did u check the catalyst is it loose inside..see how much back pressure from the exhaust u r getting