My exhaust has just started blowing, at the joint where the manifold meets the pipe. I've taken a couple of pictures, and it doesn't look like a new development - it looks like this has happened before, and the hole has been sealed with some exhaust gunk. The noise came on suddenly, so it appears that the gunk, or whatever it was they used, fell out/got bumped out/just got old. I've had the bus for three years, and I haven't touched the exhaust up until now, so looks like it's lasted a good while before blowing.

The rest of the exhaust looks quite sound, and I don't want to have to replace it unless I have to, so I'm looking for suggestions on a temporary/long term repair.
Fill it with gunk and wrap it? Weld it up? Take it apart and refit with a gasket and new bolts?
Going to post this up on Facebook as well, if no-one minds....