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Brown is rust. Painted metal outside for 2 yrs eventually rusts (ergo: brown drips) The fan is exposed to heat/cold/wet and the sintered bronze bushings may have lost their lubrication and/or the shaft is corroded, causing squeaks. Take the case off and try to lube the shaft bearings with oil, not WD40.
If you were to stand at the condenser for let's say 30 minutes, would the sound be constant throughout or would it go away and come back and few times. If it goes away and come back, it may be caused by your compressor. If it's constant, it may be the condenser fan. Now, if you're convinced that both are fine, then the squealing is probably caused by vibrations from the chassis. The fact the you have a makeshift cover may give you hints as to where the sound is coming from.
Is is the sound of water being thrown around? Some units actually sling the water from the drain pan back onto the coil. This improves efficiency. It's sort of a gurgling sound. Here's more helpful information is you need it:
that depends - it sounds like fan motor going out or a foreign object. With a flashlight go outside and observe the unit running ( ideally during the malfunction ), you will want to shine the flashlight into the louvers of the case so that you can see inside the unit (( depending on construction)). Look for bent / loose fan blades and/or foreign materials. If no obvious obstructions are found you will need to consult a qualified person. To give you an idea of what you can expect I will construct a repair scenario : Service call : $65 - $90 Fan Motor : $ 80 - $150 Fan Blades : $ 30 ( hopefully you can re-use your old one if it is not damaged)
The only other thing that it could be is the compressor, if that is the case don't bother repairing. Get a new unit. Take my example, add it up and compare it to a new unit with a least as much or more BTU output. If repair costs are 50% or more of a replacement unit I would recommend replacing it with a new one.
A few words on selecting the right repairman.
If you choose to consult a repair service check to see if they are listed with the BBB. Ask around - friends & relatives may be able to point you to somebody. Take advantage of vocational programs in your area : Most vocational schools have heat and air classes. The young people attending these classes will sometimes repair your unit for parts cost to get the practice ( check with the school)
blower bearing can make that noise. reach in to the motor shaft and see if it can spin freely if not than mtr has seized. also try moving it side to side (not in and out of mtr ) if there is play bearings are going out. also check blower wheel blades make sure they are tight.