Quote:
Originally posted by Adam Chaplin
I believe that blue plastic thing that you ask "what is this?" is the drain plug for your radiator. Be especially careful removing it as they're old and tend to be brittle. It's probably a good idea to have a new one (from Porsche) ready to go in when you do change the coolant.
Can't really help too much on the oil leaks... 
Good Luck!
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This is what I do when I drain my radiator, I just take off the bottom radiator hose and let the radiator drain then risking the brittle of the radiator drain plug and its faster too.
