That is the CMP or Camshaft Position Sensor. Driving it can and possible WILL hurt the engine eventually. The Squeaking is caused by the gear train being worn out. The CMP in this engine is tied into the oil pump for the vehicle. If the CMP Geartrain was to fail or seize (the reason why its beginning to squeak.) it will stop the oil pump and no oil will be fed to the vehicle. The danger is here, that on this vehicle when the Oil Warning Light comes on, the engine is usually damaged beyond repair.
See Related question on how to change your CMP
Look at the engine end of the upper radiator hose
If the sensor is bad I believe a check engine code will be stored. But if the distributor is chirping there will not be a code. You will hear a chirping sound like a loose belt coming from the drivers side of the engine near the air intake. The camshaft sensor and it's distributor are under the intake, where the ignition distributor used to be. If it is chirping you should replace it (the dist. the sensor is ok) or have it replaced. The gear that drives it also drives the oil pump. If it fails you loose the oil pump as well and there goes your engine.
I ran across this great write-up on the mysterious chirping - See "Related Questions" below for moreThe author should get bonus points for creative use of stethoscope!
Look in a removable housing at the engine end of the upper radiator hose
$32.49 on ebay, depends on which engine you have and the year.
Look in the removable housing at the engine end of the upper radiator hose.
belt
The hose coming from the thermostat housing connects to the upper part of the radiator and allows coolant to flow into the engine...
The 1992 Ford Taurus starter solenoid is bolted onto the side of the starter itself. The starter is at the rear of the engine at the bell housing.
On your 2003 Ford Taurus : The torque converter is INSIDE the bell housing of your automatic transaxle ( transmission ) where the transaxle is bolted to the " rear " of the engine
On a 2010 Ford Taurus SHO : The Mass Air flow Sensor is INSIDE the top plastic section of the engine air filter housing
If you have coolant on the top of the engine it could be a leaky thermostat housing or a leaking intake gasket.