It means if you continue to drive it you risk the chance of doing severe damage to the engine. Have a mechanic check it now.
you got an antifreeze leak
Antifreeze is green in color and is leaking from your radiator .
The transmission cooler (possibly part of the radiator) has failed.
The overflow tank is either cracked or its overheating and leaking from the cap
If it is leaking inside the car, the heater core has failed.If it is leaking inside the car, the heater core has failed.
leaking heater core. need to replace it asap, and in the mean time keep an eye on your coolant level
Is it water ( condensation ) or is it antifreeze. If it is antifreeze it should be smoking WHITE out of the exhaust pipe and if it is then you have either a blown head gasket or a leaking Intake manifold gasket.
Antifreeze on the electrode end of the plug may mean a blown head gasket. Antifreeze on the upper portion of the plug that fills the plug well may be caused by a leaking heater hose. There are not enough details here to be more specific. It seems like you have a leaking dome.Need to replace a new one
If it is coming from the radiator or the hoses this would mean your antifreeze is boiling in the lines. I would recommend first changing the thermostat and bleeding the air from the rad lines.
If by water you mean engine coolant, yes. Loss of coolant, antifreeze, is a major cause of overheating.
Air conditioners create a lot of moisture condesation when they are running, but it is just water. If you see any antifreeze that could be a leaking radiator or water pump (this could also cause your car to run hot and strand you beside the road). Hope this helps.
If you mean the serpentine belt by "bands" than I would guess that it's the water pump. I had a bad coolant leak on my 97 SL2 and diagnosed it as being the water pump. It was leaking right from the pump, which is towards the bottom of the engine. Look at the diagram for the serpentine belt under the hood and see if that could be where it's leaking from. Hope that helps.