When I removed the front tires I notice this leaked and do not know what it is or how bad it is.



Is this major problem or minor, what do I need to do to fix it?

Thanks!

 

that's your tie-rod end/power steering rack boot. that's likely PS fluid leaking out which means the internal rack seal is bad as well.

keep fluid in your PS reservior and you'll be safe. it'll need replacing eventually, but it's not cheap or easy.