I have a couple of bunnies that get wet watery noses when they are excited, hot and having a lovely time. Apparently a bunny sweats out of it's nose, so that is probably what that is. None of them has ever shown any sign of being ill.
I had a bunny that caught a cold, and died from it, and that was totally different. His nose just ran and ran and dripped everywhere, he didn't last a day with that, despite two vets trips.
How long has this been going on?
Like honeypot says, does it just happen outside?
Also, fast breathing is something my excited bunnies do, also. They seem to breathe quick with anticipation for the excitement to come(i.e. if I am moving themto the run). They are breathing through their nose, but it is very loud and fast, and again, nothing bad has happened to them.
Is the breathing bad all the time? Is your bunny lethargic (using thefab description that honeypot gave)?
Are there any other symptoms at all?