moisture in exhaust

[KEVIN EDDINS <eddinsk@NRISO.NOLA.NAVY.MIL>]

I've heard stories like "If waters coming out the exhaust, then you've got
a good engine" and "that's perfect combustion there" and "HEY! you got
my pants dirty"

Does water (lightly) splashing out of the exhaust indicate anything good
or bad about an engine.  My spit has been doing this since the rebuild
40K miles ago.  My mustang did this too and left two black circles on my
dads garage wall.

Kevin