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?