There is a "weep-hole" on the bottom fo the water pump. When the bearing starts to go, it can leak there. They really seem to seal quite well on the front cover. It isn't a huge job, but you do have to remove the fan and fan clutch. You'll need to rent a special tool from the local autoparts place, or if you have a huge set of channel locks and a 1 and 7/8 wrench, you can just use those. Remember, the fan clutch is LEFT HAND THREAD! Meaning, righty loosey, and lefty tighty. It'd be a good time to refresh the cooling system and add some fresh DCA. The four bolts in the middle (two on top and two on bottom) enter the oil bath and need sealent on them to prevent water/oil mixing. Most new pumps come with a diagram and instructions on what to do with those bolts.
Heath