An exaust leak is exactly what it sounds like. It's a hole in the exaust system (typically either just behind the catylitic converter or just before the muffler) that allows exaust gasses to escape unmuffled. Initially it's just a few pinholes which creates a sound kind of like a mild whine that is only noticed under acceleration, but over time the pinholes grow in number and size until the car becomes noisy all the time and if things are allowed to go on, eventually the exaust system will rust through completely. This will probably take a year or two from when the leaks are noticed.
ZV
EDIT: Exaust leak != exaust fumes in cabin. An exaust leak can be (and almost always is) completely external and no fumes are emitted into the passenger cabin. This is NOT an urgent fix. Typical lifetime for an exaust system (cat back) is 5-6 years unless the system is stainless steel. Unless the manifold is leaking, or the leak is before the catylitic converter, you can probably put it off for 6 months to a year, but if the leak is before the catylitic converter I would advise getting it fixed quickly since the catylitic converter is an important part of the pollution control system.