I don't recommend a JB Weld repair for your muffler. It's not really a good hole filler for sheet metal, but more intended for cast metal repairs. If you want to extend the service life of that muffler, get an exhaust bandage... there are some higher quality ones available... even some that get dipped in an epoxy-like substance before application. Once fully cured, the repair will probably outlast the rest of your exhaust system.
A decent quality replacement for the muffler should run $40-$50. Complete from the converter, @ $70 ( if you DIY). If you plan on keeping the truck, I recommend this course of action.
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