i have a 2005 mustang gt with a prochager on it and i have been noticing some water like fluid coming out of the inter cooler piping under the car when i feel it, its a little oil like as well. anyone have any idea what this is if it helps i have a centrifugal supercharger and a air to air inter cooler.

 

Time to get an oil separator. Works like a charm.
And when you do this, you NEED to remove the intercooler and the driver side piping to clean it out. If it's dripping, you got alot in there. You can use brake parts cleaner (2-3 cans), as it will wash it out, and dry quickly with no residue. Also, get some Mass Air Flow Sensor cleaner from a parts store. Its specific stuff for these. That sensor will be coated with this residue and will hinder it's ability to give a correct airflow reading. You will more than likely notice a difference in performance after doing ALL of the above.