I have notice lately that there is a redish-brownish liquid coming from the rear-end, i thought it was coming from the tranny but look and saw where it is coming from. It is where the drive-shaft connects to the rear-end. Now is this a seriously problem or is it something that could be fixed? Also has some what of a iron smell to it to, if that helps

 

Well it sounds like you do have a problem, I had this problem before. It sounds like you may have broken the rear yoke seal on your rearend. Its not a real easy fix to do it yourself, if you have the tools and an air impact drill you could fix it yourself. The iron smell I beleive is rear end fluid. When I had this problem I had to take it over to a mech., shop to get it fixed and it was costly. I was told the reason it broke was from hotrodding to much. My advice is to talk to a mech., and see what it would take to correct the problem.