i got up under my car because i noticed my power steering started to leak and i found that the steering boot had poped off and the fluid was leaking out of the arm. i was wondering if the boot is made to keep the power steering fluid in there or do i have a problem on my hands?

 

The boot does not seal the rack it keeps dirt and debri off the steering rod so the seals don't get damaged. Looks like you have a problem on your hands.