It looks like someone had covered it with duct tape. There IS an exhaust repair kit, with similar tape (fiberglass), and an epoxy. It won't last long, but it's one option.

I'm in agreement with The Geezemeister that you should sand it down real good before any repair. Until you can detail the engine, it will stick out conspicuously, so make sure your repair is neat. Get some JB Blaster or Liquid Wrench on either end and let it soak, so you can remove the pipe to work with it.