That's the tranny dipstick there in the photo, and all that rust is probably a result of a leaking exhaust elbow. Look at the underside of it to see if you have a lot of rust under there. Time to replace it, if so. Other possible sources of water are leaky connections at the coolers/heat exchanger.
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Rich Gano
FROLIC (2005 MainShip 30 Pilot II)
Panama City area
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