What a bad wheel bearing sound like?

[sasha055]

I inspected CV boots axle and tire wiggling all apeear to be good..

I noticed a small drip of liquid near passenger side rear tire.
It comes from something that looks like a cut rubber hose about 5cm to the center and front from CV boot. I couldn't really tell what the liquid was.. it was yellowish without smell.

Can anyone please tell me wht that "cut rubber hose" is for? and what kind of liquid could be coming from there?

Thanks
Sasha