this thing is right next to the coolant reservoir and under the radiator hose. The hose blew and I need to get a new one but don't know what its called.

 

That is your main power steering pressure hose.

 

Would that drain my coolant too?

 

No, that would not drain your coolant. The power steering system has its own cooling system. If you follow that line it’ll lead to its own separate radiator that flows with power steering fluid only.

If you are leaking coolant, that’s a separate issue.