So inspection for me is coming up in two days, and I'm a little concerned that it won't pass due to a possible exhaust leak.

Honestly the only thing is a very faint exhaust smell when I'm outside of the car while it's warming up. There isn't excessive exhaust coming out, and it's not rumbling at all. The only reason why I ask is because the bottom side (starting at the rocker panels) is pretty rusty, so I have a feeling the rust may have spread to the underside.

I'm not too mechanically inclined when it comes to this matter, and I know this isn't much to go on based on the information provided, but is there anything I can do before I take it in to get inspected? It passed NY inspection standards back in September, but I just moved down to VA about a month ago, so I'm not sure if they're more strict with things.

It's got 215000 miles on it, and I think it'd be a little pointless to repair the exhaust system since it would probably cost more than the car is worth.

 

Not sure how VA does things, but I'm sure if it fails inspection, the garage that inspects it will be happy to give you an estimate of repair, or at least tell you what needs fixed to pass inspection. Here in PA, most shops have a 2nd shot policy. If you fail the inspection, you are free to take it home, fix what they tell you to fix, and bring it back for re-inspection without paying a second time. Check with the garage if they do something like that.

I would be a bit more worried about the rust, than an exhaust leak personally. Rust will fail a car here, and it may well do that there too.