its all wet there, and drips from that location.
Oh, and mines louder ;D
Here's the page straight from the Ford Service CD for a 2002 Cougar, should be exactly the same... Don't know if it will help though, requires a tool to maintain a vacuum pressure...
I didn't need to bleed mine, so I'm not sure if there's a backyard method to this. I even had my power steering reservoir drained and removed and didn't have an issue...