Home improvement or Home Destruction??

Ok... I'm not really the handy-man type or DYI kind of guy... but in these times... with a very tight budget call for more self action and well ... what can I say... our tenant turned off the downstairs toilet because it was overflowing... so I replaced all the guts in the water tank... and things were running like they were suppose to for more than a week... then came the wet floor... for no apparent reason... the floor was wet... so I asked a neighbor that does DYI stuff to look at the situation and he suggested replacing the "wax ring"... wax ring?? What in the world is that... is that a squall to the "Lord of the Rings??" Well... what you see here is the aftermath of taking the "loo" apart and isolating the leak... and yes... this does seem to have stopped the leaking that was showing itself in the basement... another friend suggested that because the toilet was not being used for an unknown amount of time that the wax ring dried out and then once we started using the toilet ... a leak developed... oh the joys of home-ownership :-) If you've even been to Korea this kind of toilet might look familiar... hahahaha