I believe that is a heat sheild above the exhaust pipe. It's there to keep heat out of the passenger compartment of the car. Usually these are really easy to fix (a couple of bolts and you're done).
You'll have to get under the vehicle to fix it. If you know someone mechanically inclined he/she could most likley do this for you fairly quickly. A small shop would not charge much for this, Just be sure to get the price BEFORE they start the work. (Around here wouldn't be more than $20--but it depends on where you live).
Saturday, December 15th, 2012 AT 2:42 PM