Really Flooded?

Has anyone flooded their car so bad fuel leaks from the exhaust collectors? This actually happened! The exhaust collectors obviously aren't fluid tight...Has anyone heard of this happening?  

It would be an understatement to say that you have a fuel delivery problem!

Your needle and seat in the carb float bowl isn't shuting off the fuel flow when the float bowl fills with fuel. When the fuel fills the bowl the float rises with the fuel and the needle/seat attached to the float stops more fuel from entering. If the float is improperly adjusted and/or the needle and seat are stuck open due to some type of obstruction that got caught in there the fuel will just keep on being delivered by the fuel pump and the excess fuel will run out the bowl vent and every other place you can think of onto and into your motor. Extreme FIRE HAZARD. Fix before you drive. If you have the original Autolite 4V carb then just take the top off the carb and set the float levels so the needle and seat closes all the way when the float is raised up off the bowl floor by hand just a tad short of being horizontal. Clean the needle and seat of any debris and make sure that the needle isn't gooved or scored in any way. If it is replace it.
Most auto parts stores carry inexpensive rebuild kits for almost all carbs and they ususally include a float adjustment guide.
Check your carb's power valve while you are at it, although from the quantity of fuel you are talking about it is probably a bad needle/seat/float deal.

Your exhaust manifolds are supposed to be gas tight so you won't get carbon monoxide poisoning. If liquid can pass through to the outside then so can poisonous gas. Consider getting some new exhaust manifold gaskets before you find yourself asleep or dead at the wheel from the CO.  

On a lighter note, I bet the afterburners are impressive!  

After fixing the flooding issue, use some high temp silicone with the new collector gaskets and that leak should be fixed.