why would water be leaking from the distributar

is that the V-8?

could be a head gasket leaking and draining to distribytar

Agreed, or perhaps a freeze plug. IIRC, the distributor is on the back in these engines. I'd suspect a head gasket or freeze plug. However, you could have a crack in the distributor which is allowing condensation to build up and drip out, if it is only a small amount of water and infrequently...

if it is the V-8, he has the "optmi" and this means that the water pump or the pump gaskets are leaking (if it is the 350), if not I agree with papa and littlehorn. This is something you will want to get it looked at.

on an lt1 the distributor is on the front uner the water pump, it is cam drivin I believe, it could also be a leaking intake manifold gasket, somtimes they dont seal well if it has been off recently