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I had a slow fluid drip at the bottom of the brake drum on the inside (rear, 1976 F150 4x4). I assumed it was brake fluid, but now that I have the drum off, the cylinder looks dry. Is it the axle? Is that an easy fix?
Smell it. Does it have a hint of sulfur? If so, then it's time to pull the axles and replace the seals.
Easy is a relative term. How much wrenching experience do you have or want to learn? Do a Google search for "replace axle seal" and many return you should get. IIRC, Mustangs & Fords magazine or Mustangs Monthly has an online article.
Before you get up to your elbows in wrenching, take a quick peek at the diff breather. If it gets plugged, pressure build-up can push diff fluid past the seals.
Had this happen to me...seals were fine, just the breather/breather hose needed cleaning out.