Okay so I picked up 1996 chevrolet suburban 5.7 the other week. I've been going over it to figure out anything wrong. I was doing a check on my fluids and I noticed the pan next to the oil pan had a hole that looked like it should have a plug. The hole was right above where the exhaust pipe comes across. There is no fluid in it.
https://www.dropbox.com/s/8kghimgvx2l9j6c/20150227_141433.jpg?dl=0

I went to the junk yard and found one that had the rubber plug. I removed it and fluid almost like transmission fluid came out. I checked my transmission fluid and it reads full. I checked the oil and its full so I can't figure out what fluid goes in here. Came someone identify this? I included a photo of the pan.

 

vent or weep hole for TQ convertor. It was likely tranny fluid. if the tranny heats up or fluid foams it will vent from that area, if your front pump seal goes out it will drip from there also. The plug is a dust cover.