A bad freeze plug will leak coolant and cause the engine to overheat.
Pressure testr the cooling system and obseerve where leak originates
There is a freeze out plug behind it that seals the water jacket up. REPLACE freeze plug.
With the freeze plug out it will be impossible to keep water and coolant in the engine as it will all leak out through the freeze plug hole. The engine will over heat and self destruct after a while.
You have an oil leak
Failed gasket, seal, hose, freeze plug, radiator.......
The engine will leak out coolant/antifreeze from the freeze plug area. Freeze plugs can be replaced, it may take a lot of work to replace one but they are made to be replaceable. It is not advisable to drive any vehicle with a blown freeze plug.
It could be a freeze plug but it also is not uncommon for the intake manifold gasket to blow out and allow engine coolant to leak out.
do I have to drain the water and oil first before I remove the freeze plug
Why is 2002 pontiac grand am oil leak where the sparkplug is?
Nope prob leaking freeze plug
Pull the old freeze plug, clean up the hole, press in a replacment. Unfortunately you may need to remove a lot of peripheral stuff to get to the freeze plug.