Can't say it any better than that. At best.. I'v turned a vehicle off to stop the drip, rubbed a dab of silicon int he weep hole, and then drove on to get it to a place that I could fix it.. but otherwise.. yes.. a drippy pee hole means a bad seal.. a bad seal usually means a loose bearing.. or, int he case of just the seal failing, thent he water can get in and corode the bearing, and then it will fail.. just a matter of time..
Soundguy