GThang98:
That is a weep hole. It is there to tell you that the o-ring has failed or is in bad condition. I will check my Haynes manual (and, if I have to, the shop manual) to see if there is a write-up and then post back.
**edit: OK, p. 3-7 and 3-8 shows what you need:
* Drain coolant.
* Remove the lower radiator hose from the oil cooler.
* Remove the oil filter (you might as well change your oil afterwards in case you get some coolant into the oil).
* Use a 1/2" Allen key to remove the cooler from the oil cooler housing.
* Pull the cooler off the adapter (that is bolted to the engine block).
* Replace the o-ring on the oil cooler and the o-ring on the adapter housing. (Use a thin film of oil to lube the o-rings before you slip them into place).
* Re-install by reversing the above steps.
* Torque to 41 to 53 inch-pounds (about 4 lb-ft), if you have a 1/2" Allen wrench socket. Otherwise, snug up the Allen wrench but don't crank it down.
* Change your oil (Optional. I just added it for good measure/cheap insurance).
That should do the trick.
**end of edit.
Stay tuned.
Chris