the water dripping from the exhaust is normal but if the water was in the oil its an intake manifold leak but not near one of the ports of the intake and head i had the same problem for a long time but the leak was wayy smaller it was on my 97 cheyenne with the v6 it lost water but i could never find the leak but when i took off all the brackets and pumps of the front of the motor the leak was right on the front of the motor below the intake manifold all caked up it was small enough that it just burned off and never leaked off the bottom so what i would do is replace your intake manifold gaskets and you will probably find where it was leaking.