It may sound cool, but actually it is burning fuel real hot with no back pressure, pretty soon it will start burning the exhaust valves.
Replace that muffler, if not for your hearing, for the back pressure factory spec uses to keep things cool on the exhaust side, extending lifespan.
The real ***** is that the studs in the block are prob so far gone to rust that they will have to be cut, then drilled out, re-studded, in order to mount a new muffler. That job sucks.