OK folks, here is the deal.

I have been trying to find this coolant leak for a few weeks now. At first i thought it was the water pump, i checked it- fine, hoses- fine, head gasket-fine.

I had some help today and i found that she is only leaking when the RPM's climb, which makes sense, a little pressure and boom she starts spewing water...

I took some photos of the leaking area (at least this is as far back as i could trace the leak, so this may not be the problem). Please help, i am not sure what this cover does and i don't want to open it if it is filled with oil or coolant until i know for sure which liquid to drain.

 

I don't think that cover is leaking. What's next to it -- I think that is what's leaking. Those two rubber hoses carry coolant to the Oil Cooler (sandwich looking-thing with oil-filter attached). See if the clamps are loose. If not, don't tighten them. If you still have a leak you need to replace those two 5/8" rubber hoses and clamps. Of course, coolant needs to be drained first. You don't need to drain the oil.

 

I appreciate your help, the hoses are not leaking.

After having my friend over to help me find out where the leak is coming from we finally pinpointed the area. It is in fact the thermostat housing leaking (side closest to motor). It was very difficult to find this leak as the motor had to be spinning over 2700 RPM and the side leaking is not very visible with out a mirror and plenty of light.

I replaced the thermostat (even though it was working correctly) and the gasket that was on the thermostat. Now i have a non leaking motor, just like i like it.