Kind of a noob question but, i'm not sure how bad this is.
My question is, how bad is this leak and what is leaking? Any insight would be great.

Also, may not be related but, there is a rattle from this side when I hit bumps.

 

A few things could be wrong and it's hard to tell where the leak is coming from.
It looks like the leak is coming from either the pinion seal or the hard lines.
If it's coming from the lines, try snugging them up a bit as they might have worked loose. If they're already tight, leave them be.
If it's coming from the pinion seal, time for a new rack.

 

Is it motor oil dripping from the valve covers. Pull back the rack boot and see if the fluid is in there too.