hey guys in the past 2 days i've been having an overheating problem. today i actually had a puddle on the ground and this thingy was steaming......not sure what it is i've only learned to fix cars that are ancient w/ no a/c and carbs on top. what is it and can it be bypassed? the thing circled in red is what had steam coming from it

 

best thing to do would be to preasure test the cooling system. i beleive that is a heater control valve, easy to replace if it's leaking.

 

looks kind of like your heater control valve... you can hook the 2 hoses together to get you by, but they're not too expensive or anything...