Was just under the house fixing a duct when I discovered a leak from our water pipe coming in from the street. There's some kind of T intersection in the pipe with water dripping out a small hole in the bottom. I'm wondering if this is a pressure relief valve of some sort since it doesn't seem to have anything connected to the bottom, and the hole the water is coming out of is only about 5mm diameter. Here's a blurry pic I took while I was down there:

Anyone got any idea what this is and why it would be dripping? Looking at the ground below it's probably been dripping a while.
Thanks!