Quote Originally Posted by West Coast Jungle
Wet stains on outside of caliper and a soft pedal when you brake. Also you may see small brake fluid drips on the ground under calipers. When brake pads get real low the caliper piston comes out much farther than it would with a newer pad. If the outer part of that cylinder has deteriorated or pitted with time it could scrape the O ring or seal that holds in the brake fluid and leaking may occur or a complete loss of brake pressure.

When you hold down the brakes if it gets to a point wher it stops and then continues to sink more this could be a sign that you are loosing pressure some where, either from a leak or the master cylinder is going.

Hope this helps.

Oh when bleeding brakes you will need two people and be careful not to get brake fluid in your eyes, it burns like the ****ens, trust me, been there done that
Ahh, I see. Chris... isn't the best helping me on my car. And I don't have anyone else available to bleed brakes with me, so that looks like changing the caliper might have to be left to my mechanic.