Steaming/dripping fluid from catalytic converter

[Retrospekt]

If I'm not mistaken, the meshy type of thing behind the front pipe is the catalytic converter. After driving for a long time, say 30 minutes, I smell a weird smell from my engine. I looked under and there was steam coming from it, along with a liquid dripping from it. I placed cardboard under the car to have access to the liquid once it drips some more.

What is this? Please don't say blown head gasket.

Edit: Some background info:
Car is not overheating.
Small oil leak at tranny/engine area. (Don't know what that is called. Tiny tiny leak.)
Small oil leak at distributor.
Timing belt along with all seals/belts/radiator fluid was done 3k miles ago.

[hill8570]

The "meshy thing" is your flex pipe, not the cat. It's supposed to be gas tight, so the fact that it's leaking is a bit of an issue . I assume the liquid is just condensed exhaust. Unless there's something else I'm not catching, I would assume just replacing the flex pipe would be sufficient to fix things.