First thing I would check for is overheating. Is it bubbling or just overfilling? Thermostat been replaced?
If your overflow tank is cracked, that wouldn't surprise me at all. Pretty common, at least among guys with 'Stangs around where I live. If it's actually spilling out that spout at the top, then you have a) too much coolant in your overflow tank, or b) a non-functioning radiator cap.
Did you see those markings cast into the overflow tank for "FULL COLD" and "FULL HOT"? That's the maximum it should be filled to at given conditions (hot or cold).
If your radiator cap hasn't been replaced in the past 2 years, I'd at LEAST have it tested and check out the seals. Hell, for $3, you can have a functioning new one, so I'd go that way. Hope this helps!
------------------
Capri306, Moderator, The Mustang Works Online
1979 Mercury Capri, 5.0L -- C4 -- 2.73
1987 Mustang LX Notch
[This message has been edited by Capri306 (edited 03-09-2001).]