start by doing a pressure test on the system also on the cap if theres a leak you will see or here it .

if your loosing pressure on the rad pressuse test and you cant find it do a leakdown test on your engine .
it could be a headgasket .exhaust is getting in the cooling system
SO ITS NOT GOOD TO KEEP DRIVING

 

From the pic, it looks like its blowing out of the cap to me. Its the easiest and cheapest thing to rule out first. Most any auto parts store will carry these on the shelf for the s2k. I got mine at Napa. Have you pulled it off to look at the condition of the rubber gasket inside?

 

Agreed. Look at the fan shroud right behind the cap. It is still wet from it spraying. That area seems most likely so either the cap or the hose are the most likely concepts.

 

Maybe the radiator is plugged-up? Have you been needing to add coolant, before the blow-outs?

 

Thanks everyone, Im currently in Asia right now and will start working on the problem the moment I get back. Ill keep everyone updated!

 

UPDATE
i found out what the problem was after driving the car for a day and closely keep an eye on the temperature gauge. The plastic housing on the top of the radiator developed spider like cracks everywhere and the cracks below the radiator cap finally cracked all the way through causing fluid to leak out. I have already placed an order for a new radiator and will be swapping it out tomorrow afternoon. Hopefully, the radiator will last another morning...
I've attached a photo for reference

 

Yeah I am starting to get those in the same exact spot, mine has not leaked yet. Seems quite common with these cars. I wonder if I can do anything to prevent them from leaking through?

 

probably by driving it less lol. Its most likely due to the frequent heating and cooling the plastic is exposed to and also the aging of the plastic over time.

 

Mine cracked there too. I think it's a weak spot and obviously age doesn't help as others have said. I ended up replacing with an all aluminium Koyo unit.