Originally Posted by painted jester
Its normal, moisture from the air is turned to steam in the cylinders and condenses in the exhaust pipes and muffler and is then forming water droplets at the exit of your tail pipes and carbon collects there street mufflers have small weep holes in them to drain this condensation! Dont worry till you get clouds of heavy white steam that's usually damage!!
That said, with the black soot and it having a Holley, its a good bet that its running a bit rich