1999 Ford Ranger Nasty Squeak

I noticed today on my drive home that when I turn I get a nasty squeak comming from the front of my truck. I know what the power steering pump typically sounds like when turning, the strain you usually hear and this is seperate from that. I took a look at some of the steering components and the rod that run's down from the steering wheel has a rip on one of the rubber gaskets that covers a joint. I also took a look at the power steering fluid and it seems pretty watery and looks kind of odd. I'm not sure what it's really supposed to look like. I'm trying to figure out if the power steering pump is going out and that is what is causing the squeaking or if perhaps it could all just be that joint that is now exposed. It's such a loud squeaking I wouldn't think it would all be attributed just to that one small joint though. Also I parked the truck and turned the wheel to see if I could duplicated the issue and it doesn't seem to squeak unless the truck is actually rolling when you turn. Thanks for the help.