Bob, from your description it must be...
your stuffing box. If it is the bronze version you should expect to see six to ten drips per minute while the prop shaft is spinning. At idle it should not drip. Short of replacing the packing material, as long as it is in good condition, you can tighten the stuffing box by breaking loose the jam nut on the back side of the box and turning the box nut a flat or two. This should slow the drip rate.Avoid over tightening. This will create too much friction and burn or glaze the material destroying its sealing properties. Some have replaced the material while the boat is in the water. I prefer doing it on the hard. Access to ours is way less than ideal. Having water coming in during this process makes matters a bit anxious. I tolerated the drip until the next haul out.Service wrenchs with a pipe extension work the best. Ours took a two and one quarter inch, and a two and five sixteenth inch size. Pipe wrenches, channel locks, etc., were usless. Liquid wrench helped to loosen things up.Terry