5.9L 2004 360 you have black smoke coming from your exhaust and when you rev the engine a little bit of black liquid sprays out What does this mean?

It means that you need a valve job. The black liquid is oil from your engine. Your engine is not making a tight enough seal for combustion therefore it sucks in oil and uses it in the combustion cycle. Be sure and check your oil level as im sure that your truck is burnin the hell out of some oil lol