Exhaust wrap for a quick fix, if you replace or do a pipe in place of it, it will begin leaking again in about a year, so I'd say just wrap the leaking part up

 

Pipe will be the best, wrap is ok but if they weld it right there wont be an issue.

 

SO TRUE! I had mine done at a ?muffler king? when I first got my Monte and boy did they do a horrible job at the welds lol. You can really hear it at drive thrus and under my car port lol. Too lazy to go have it fixed.