LEAKS (WHERE FROM) Options

[SCCA Stang]

OK GUYS....

I have a pretty bad leak that has developed recently.... it seems to be coming from the axleshaft where the stationary axle (equal length axles) slides into the trans.... it is leaking at that point and running down the side of the transfer case and dripping on the ground (about 1 drip every 20-30 sec). the viscosity of the said fluid seems aufully thin to be engine oil and if memory serves me right lighter than the GM Syncromesh that I have in the trans right now also.

funny part is that it increases in flow with the engine running.....

the oil that is leaking is lighter in color than the current engine oil, so I am assuming that it is trans oil (not sure on current color there either though)

my question is: does the trans (especially at the point where the axle shaft goes into the trans) pressurize in neutral on a 5 speed 1G AWD..... or am I simply getting a leak elsewhere and not seeing the true soarce at this point in time.

all fluids that I could check tonight seem to be at the proper level, ie engine, brake, clutch, P/S

fluids I could not check tonight: trans, transfer case

any sugestion on the accual soarce or type on my mystery oil
very light brown (almost translucent)
very light viscosity

current engine oil: Mobil 1 (3 weeks, almost 500 miles on it)
current trans oil: GM syncromesh (1 year, 5000 miles)
current transfer case oil: Redline heavy antishock (1 year, 5000 miles)
current P/S fluid: stocker stuff (no idea on how old)
current clutch and brake fluid: DOT 4 (1 year at the most)