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Depends how bad it is... if you lose oil into the coolant, your coolant will get oily and might not cool as well. Or all the oil will be gone from where it belongs and cook your engine. If you're losing coolant to the oil/engine, same thing - water doesn't lubricate well, and you need it to keep the engine cool. If it's just seeping, probly not a big deal. I put some Bar's Leak in mine for a little while before I could get it fixed and that helped some.
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Moved on to smaller and better things. 
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