My Ravenheat boiler pressure is up to 3+ & there is water coming out of a pipe on the wall outside. The pressure has dropped slightly but the water is still pouring out.

It sounds like you have a steam boiler here, RogerDT.

If this is the case, steam pressure for most residential applications should not exceed 1/2- 1 P.S.I., so, by your description, it sounds like your PRESSURETROL has failed and needs to be replaced or the PIGTAIL shaped tube is clogged...see image below.

First, I would remove the pressuretrol and then remove the pigtail shaped tube and try to blow through the tube. If blowing through the tube is not possible then that tube needs to be cleaned or replaced. If you can blow through the tube then the pressuretrol is probably defective and should be replaced...;)

Back to you...

Mark