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No, it wouldn't work. Even if the intake system would support a turbo, the exhaust systems are completely different.
I would say it is the exhaust system.
That is condensation due to the exhaust system being cold and the heat from the engine makes the exhaust system / pipes sweat. As the exhaust system heats up then that will stop. Now you said WATER not antifreeze. If you had engine coolant running out of the exhaust then it would be the color of the antifreeze and it would be steaming WHITE and then you would have an engine problem, MAYJOR. You said water. Drive it you have no problems. That is normal.
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If the exhaust system was very leaky, the exhaust gasses would just leak out. If the system was well sealed, it might blow up the muffler or other component, or blow out a gasket. It might also just blow out whatever you stuck in the exhaust pipe.
This is a very broad question that can have alot of specific answers. A general answer would be they are attached to the intake manifold and connect to the exhaust.
You could use the non-convertable seats in a convertable Sebring, but there would be a huge safety issue as you would not have seatbelts. The seatbelts are built in to the Sebring convertable seats. The bolt down assemblies for both however are identicle.
No the exhaust system will not be a direct fit. The exhaust pipe and converter may work but the tail pipe will be different.
I would say it is the exhaust system.
I would say a Borla exhaust system 2and5/8 inch in diameter to be exact.
They call it a muffler. Or Catalyst. Or resonator.
VACCUME port is stoped up, cloged up exhaust system,