Upon further examination, I figured out that the water was leaking
from the valve stem (knob you screw in/out to turn on/off the water)
that is attached to the toilet water supply valve assembly.
Not including the drive to Home Depot, it took about 30 minutes and
$5.00 to replace the old part and stop the leak.
I took pictures of the procedure and wrote up a quick guide to assist
anyone else dealing with this common problem.
Here's the album -
http://www.paulstravelpictures.com/Toilet-Water-Supply-Valve-Leak-Repair-Guide/index.html
I hope someone finds it useful.
Cheers,
Paul Michaels
Ft. Lauderdale, FL