Lead is one of the most stable metals.So they are not easily corroded.
Lead is corroded by alkalis at moderate or high rates, depending on aeration, temperature and concentration. It is attacked, for example, by calcium hydroxide solutions at room temperature, including waters that have been in contact with fresh Portland cement.
The reactions are as follows
2Pb(s) + O2(g) → 2PbO(s)
they get oxidised to lead oxide.
Now about the significance of lead corrosion;
Corrosion is one of the most complicated and costly problems facing drinking water utilities.Lead corrosion poses a serious health risk. Contamination of lead in our body has somany sideffects and in future it leads to serious health problems.