Idle control valve .......is name of the part that that hose goes to under the intake..... Yes you need to replace it as soon as you can.. its not alot of money...it can cause car to run lean as its pulling air from outside before the MAF .. the thing the air cleaner is hooked to.... the MAF calculates how much air is going to engine by heating up a wire inside.... the amount of air that flows over the wire cools it down and changes the resistance in wire... so now the ECU know how much air is going to engine and then tells how much fuel to put in to get the right AFR.....So the red hose leaking air into the engine will not give a corect reading... so yes it should be replaced as soon as you can...
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