The axle boot's on a 92 ex 5spd. should the boot be completly closed. On mine the boot is open on both side's.

 

if you are talking about the cv joint boot the hellz no! the axle grease can escape if it hasnt already done so and the cv joint can become damaged possibly causing the wheel to lock up. fix this as soon as possible. search cv joint replacement and you will find a nice walkthrough on how to do it.