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It is an anti-freeze and anti-corrosion additive. Any leak should be serviced immediately by a licensed technician. The potential consequence of ignoring it? Well... how much water do you want?
Got a pic?
Yes it is just old nasty water. We had a sprinkler head bust in a room in a Spring Creek BBQ restaurant the other day because it got so hot here. (Room did not have AC) The water that was in there was a black/brownish color. Water should be ran through them to keep that from happening. . (Ran through the pipes, not the heads themselves). I have heard leaving water in them for too long is bad on the pipes, but I'm not sprinkler expert. I just fight fire. Building inspector messes with sprinkler systems before we do.
BTW, if was at home and one of those damn things went off, is there a way of stopping it?