Black fluid dripping of the right exhaust of my 1999 Mustang GT 4.6L V8?

One of the by-products of a gasoline engine is water, which usually goes out thru the tail pipe as steam & isn't seen. Possible the 'stuff' that's leaking is just normal water from the engine picking-up soot from the inside of the exhaust pipes. Normally it would go out the exhaust as steam, but the leak is just giving it a different way out.