Like HRL said, the water from the tailpipe could be normal condensation from cool/cold air and metal. Once the engine and exhaust system reach a temperature where the water will vaporize it should reduce the liquid out of the tailpipe. Be careful of the pure water in the cooling system, don't let it freeze overnight.
1957 Chevrolet 5700 LCF 283 SM420 2 speed rear, 1955 IH 300U T/A, 1978 Corvette 350 auto, 1978 Yamaha DT175, 1999 Harley Davidson Softail Fat Boy
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