Potential exhaust leak?
Recently, my car has been sounding louder than usual. It seems to be coming from under the vehicle, and when I checked, there was smoke coming from a pipe underneath. My best guess is that the exhaust is leaking. It kind of looks like there's a disconnect here:

Can anybody explain what is going on and what I should do?
Thanks.

Can anybody explain what is going on and what I should do?
Thanks.
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Comments
I'm not quite sure what this seal is supposed to be. Is this likely to be suitable product to seal it?