ok i bought my bike today its a 99 gsxr 600 as i was loading it in the back of my truck the board i was using was sticking up a little pas the top of the tailgate and when the bike got halfway onto the bed the bottom peice of the bike hit the wood and then we push it on and all of a sudden a nipple looking thing made of rubber, and then like a washer the na larger wingnut/washer ( it has one part of the wind up and the other up to the long but going through the middle of the whole thing) holding it all together came off and then oil started pouring out of the bottom of the bike... so i transported it home and waiting till tommorow to see what the problem is, now it seems like a oil plug or something but maybe you can tell me what it is and if this is a bad thing..... can someone please tell me WTF this is lol, thansk alot in advance, ill post pics up tommorow of the bike

Someone F%$# it before, put a rubber drain plug in it to fix

its a bad thing. Sounds like you will need to get a helicoil put in the crankcase.

Sounds like maybe they had one of those quick drain bolts and it came apart when you guys dragged it. Go to any auto parts store and buy a drain plug with the same threading on it.

Buy a new oil pan and plug.

Post a damn picture of it, because until you do, everyone's gonna give ya different advice. http://www.gixxer.com/forums/images/graemlins/thumb.gif

Obviously whatever was functioning as a drain plug came out. Anything beyond that is pure speculation, unless you post pics.