That is the infamous, 2J Racing, 'jet engine' intake! (LOL)
It is way too loud for many, others just LOVE it.
A lot of owners wrap their down pipes to keep the heat in the pipe, and keep it OUT of the engine bay, there may be NOTHING at all "wrong" with it!
I suggest getting rid of those Ford factory lug nuts ASAP, since they ARE just going to
rust swell once again eventually, and you will have the very same problem.
Get one of the good, higher quality, aftermarket steel lug nut sets (i.e.; Muteki, McGard, Gorilla, Rays, etc.).