water flowing out of exhaust

[Ken52]

1997 Toyota Camry 2.2L  Over 100,000 miles.   I was having problems with the car and I just parked it for over a year.   Now I want to get it back on the road again.   So I started out with a compression test.  All 4 cylinders read 210psi +/- 5-7 psi.  Plugs looked good.  I was happy with that until I walked around the back of the car and found a lake of water under the exhaust pipe.  I did not warm up the car prior to the compression test.  The car was dead cold. (75 degrees)  The oil looked good, amber, not milky.  What should I do or look at next?

[Mooly]

The water has to be either coolant (head gasket, cracked block etc) or just water from combustion which would be normal. I'm guessing there might be old fuel in the tank?

I would say run it gently and see how it goes'. Keep a check on coolant levels and if it seems OK get some fresh fuel in the tank as soon as possible. 

The water wasn't from the air con was it? Again normal if so.