The fungus, called split gill fungus (Schizophyllum commune) is growing on deadwood in your tree.  The crack in the bark at the base of the tree is present because the underling wood is dead. The original damage occurred at least several years ago.  Spraying won’t affect the fungus. See http://www.messiah.edu/oakes/fungi_on_wood/gilled%20fungi/species%20pages/Schizophyllum%20commune.htm

Thank you Jean, Is there anything I should do?
Tim

There’s nothing you can do about the fungus.  But if the tree falls, is it of a size that could damage something important such as people or cars?  If yes, invite several Certified Arborists who are qualified to evaluate potentially hazardous trees for an onsite visit. You can locate Certified Arborists in the Yellow Pages where ads for tree care companies with one or more Certified Arborists often state that fact.

Hi Jean, So does this mean the tree will die or is in the pricess of dying?
Tim

The damage occurred several years ago.  Depending upon how much live tissue remains, it's entirely possible the tree will survive for many years.  But it's not possible to make any such judgement from a photo.

One thing you can do is test how well the tree is rooted in.  After 5 years in the ground, it should be very stable..

The test: Grasp the tree at chest height and, then, while watching the soil at the base of the trunk, rock the tree back and forth.  If the soil at the base of the trunk doesn't move, the tree is well-rooted in and stable. But if the soil moves, the tree is unstable and may fall at some time in the future.  Unfortunately, no one can guess just when that might occur.