That is the water pump; figure 4-6 hours to remove and replace it if you don't have any of the bolts or studs freeze up.
Take a cardboard box, & turn it upside down. Count the number of bolts that hold the water pump on, don’t forget to count the 4 funny looking studs too. Poke a hole in the box for each bolt/stud. Arrange the holes in a circular formation, and mark the box at the 12:00 point. When you remove a water pump bolt, put it in one of the holes in the box according to where it came out of the water pump. When you are done, all bolts will be arranged it the exact same order and position that you removed them from the water pump. That makes re-installing them easy, no wondering where does this bolt go.
A long shank tap should be used to chase the dirt & corrosion out of the original threads before you reassemble everything. Cleaning the threads will help prevent the bolts from seizing next time (yes, there will be a next time).
A word about the links, if they don’t work, do a search on the part number (P/N). MSC updates their catalog regularly, and the pages may change, but the part numbers don’t.
Long shank 5/16” taps
http://www1.mscdirect.com/CGI/NNPDFF?PMPAGE=267 5/16” pulley tap, 6” shank P/N 04801189
OR second choice, will not clean all the bottom threads unless you grind the end of the tap.
http://www1.mscdirect.com/CGI/NNPDFF?PMPAGE=266 extension tap, 6” reduced diameter shank P/N 04701181
Use lots of antiseize on the bolts to protect them from corrosion and make them easier to remove next time.
See
http://totallystainless.net/totally.html for replacement stainless steel bolts. Last time I checked, they didn't have the studs. Nice folks, very into cars of all types. They have all kinds of stainless fasteners for almost every car. The prices are very reasonable, less the $10 for the water pump kit without the studs.
The studs are a Motormite item available at your local Advance Discount auto Parts store.
Motormite Water Pump Stud Kits for Ford, Lincoln and Mercury cars and trucks w/3.8L, 4.6L, 5.0L, 5.8L.
Part Number: 23744
Copied from Noobz347
Water pump bolt sizes
*All bolts are 5/16"-18
Water pump:
4 bolts - 3 1/4"
2 bolts - 4 1/4"
2 bolts - 1 1/4"
1 bolt - 2 1/4"
Additional timing cover bolts:
2 bolts - 2 1/4"
2 bolts - 2 1/2"
These are measured from underneath the head to the end of the bolt and NOT from the top of the head. Just the shank.
Installation aids - saves you time and trouble.
Water pump gasket alignment aid - these support the gasket and keep it from moving when you put the water pump on the timing cover.
2 pieces of 5/16- 18 threaded rod 5" and 2 pieces of 5/16- 18 threaded rod 4" - screw them in the engine and slide the gasket on them. Be sure to put some blue silicone gasket sealer on both sides of the gasket around the water pump ports.
Water pump pulley alignment aid – screw it into the water pump shaft flange
1 each 5/16 -24 inch bolt 1 1/4" long with the head cut off. Use it to help line up the water pump flange, pulley and fan when you put the fan back on the water pump. Be sure to remove it after you get the first or second bolt in finger tight.
