Streetpirate, I think your steroids are showing...
canterbury: assuming you are serious, start it up and see if you can locate the hole. If its in the exhaust manifold, it can be welded up, but they often crack and leak again later. If its in the tube somewhere, think about an aftermarket better breathing exhaust since it will need to be replaced anyway, but otherwise replace the whole thing. At that age, if its original, you might find the entire system could do with a replacement. If you are really trying to pinch the pennies, you can cut out sections and buy pieces to replace them where necessary. There is also exhaust tape available if you want to do it really cheaply.
These are some places to start...