I just bought a torque converter and put it in my basment with a cap over the "spline tube" and I came back a couple days later and saw that red liquid accumulated in the center around the "spline tube" I took off the cap and the fluid is pretty high up there. What's the deal? It didnt leak on the car ride back.

 

Don't panic. This is normal. If the TQ is any good it was tested before it was put in the box. When it is pulled off of the test machine it has oil in it and an air bubble trapped in the top side. When the temp around it warms and cools it makes the fluid push up the tube and back down. The fact that it was full of oil means it has been pressure tested to atleast 50 psi. If it had any leak it all it would have shown up during the pressure test and not sitting on the floor.