I have a 2001 Ford Ranger 3.0L, and the check engine light came on recently. I went to have it checked, but their fault code reader wasn't working properly. I get to work today, put my truck in park and hear this loud squeaking noise coming from what looked like the belt area and it was leaking a light brown, milky liquid. Does anyone have any idea what this could be, and how much it would be to fix?

 

Sounds like its a coolant leak(with really old coolant coming out) or it could be really old oil depending were its coming from. Either way, hope u have some extra cash laying around.....

 

Oil and coolant together creates the browny stuff.
Maybe leaking between the water-pump housing and into oil or from a head gasket… this needs to be checked out before you clean up and refill the engine.

 

You made 2 threads for the same thing?

 

It must be the mixture of coolant and oil. I recommend to get the vehicle checked thoroughly.