Dribbling exhaust
Discussion
Hard to say without seeing it... but probably not abnormal in cold weather:
condensation in exhaust when started from cold, leads to water dribbling out. The water will carry some soot with it, especially when the engine is cold cos the choke's out, see? If the exhaust is tilted upwards at all, this will run down the underside of the pipe.
Then the engine heats up, the water dries off, only the soot is left and you panic. Cars are bastards and play these tricks. If you've been doing a ot of cold starts and short runs, it would be even more noticeable.
On the other hand, of course, it could be a sign that your engine is totally clapped... (standard disclaimer)
condensation in exhaust when started from cold, leads to water dribbling out. The water will carry some soot with it, especially when the engine is cold cos the choke's out, see? If the exhaust is tilted upwards at all, this will run down the underside of the pipe.
Then the engine heats up, the water dries off, only the soot is left and you panic. Cars are bastards and play these tricks. If you've been doing a ot of cold starts and short runs, it would be even more noticeable.
On the other hand, of course, it could be a sign that your engine is totally clapped... (standard disclaimer)

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NOW you've got me worried.