I have a 1982 GMC K1500. This junction where the steering column connects to this other part is moist and occasionally drips a reddish fluid. What is this other part called and what is involved in fixing this?
If I understand your question correctly, I believe the part you are talking about is called a "rag joint". It softens the feel between the steering wheel and the steering box.
That isn't what's leaking, though. It appears (from the one photo) the problem is the seal from the steering shaft on the steering gear box. You could possibly replace it, but if time is considered money, you'd be better off replacing the entire steering gear.