This thing has a tag on it, which I tried to image since I can't get my head down there to see what it says, and from the little I was able to see I think it must be a pressure relief valve or something.
On to the problem at hand. It is leaking from the bottom leg of the "t" pictured, where there is a threaded shaft and two nuts on the bottom of it. It's about 1 drip every minute or so. What I'm wondering is, can I tighten these nuts, or if I touch them am I likely to start a big geyser of water when the shaft breaks off? Here's the pic. I'd obviously like to fix it, if it's simple, without calling a plumber and giving him easy money.
edit: I do know how to turn the water off to the house if it's a simple matter of unscrewing that whole black thing and screwing in another one.