Well, here is what happened. I called two plumbers from the local paper, after my plumber (who has done thousands of $ of work here, didn't even call back)One said they would come Sat morning and the other said he would come on Monday morning. The guy who was to come monday morning warned me not to touch anything since it may start leaking. Anyway on Sat morning an older guy showed up, and he told me to use ProPoxy20 to fix the problem, said i would save thousands of $, and that it was a huge job.
I would have done that but i wanted to get a 2nd opinion from the guy who was coming on Monday, and I was even prepared to pay him (at $125/hr)to do the Propoxy job for me. Anyway, I didn't touch it like I was instructed to. The Monday plumber didn't show. Not even a call. He must of gotten spooked because I asked him his rate.
By Monday afternoon I decided I was going to take a mirror and hold it over the other side of the pipe to see how badly it was rusted. I did this, and hit the pipe with my hand and the small section of pipe with the cast iron cleanout plug fell right off. Now I knew I was screwed since i couldn't just Propoxy a small gap in the pipe. But this allowed me to bring the cleanout plug along with the pipe it was still screwed into to my local plumbing supply. I asked for a Fernco cap, but the biggest he had was for a 4" pipe, not the 6" cast iron pipe I have. But he had something else which was like a rubber stopper and had a screw in the middle to get it to expand. I cleaned out the rusted sections and used some caulk and installed this piece, and it is working great. No leak at all. Cost=$7.50.