So this means my water pump is shot right?

yeah if coolant is weaping out of the little hole your pump is going out... never done one on a mustang but looks pretty straight forward... did one on my 88 v6 camaro and took 7hrs and 2 trips to autozone...

Yep. It's time for a new one.

It is not a hard thing to change, its just time comsuming. Pretty straight foward.

It's easy to do, just be careful that you don't break any bolts off in the timing cover. DON'T use an impact gun to take the water pump bolts out.

Mario

Real straightforward removal/install. But like 86T-Top stated, DON'T break off any of the bolts, complete pain in the ass. Me and a buddy replaced mine, everything was going great, and then snap, broke one off, took us about 3 hours or so trying to get it out before we ended up drilling it out and using a new bolt. If everything goes right, you're looking at about an hours worth of work, not hard at all.

Might as well upgrade to an electric waterpump while your at it!

The autozone one probally has a lifetime warranty, but I don't know if you'll be able to get one if you don't have a recipt, but if you have the old owners info then you can use that, it may be on their computers. Once again, your putting on another POS autozone part that could leave you stranded, and probally will. Your lucky it's only comming out of the weep hole.

Use a deep 1/2" 6pt socket and have a 1/2" wrench. Use hand tools and be carefull. The waterpump bolts are natorious for stripping and breaking, and that can ruin your day. Also, watch what bolt came out of each hole. There are several lenghts. I lost my butt at work on a 5.0 Explorer. Two bolts rounded off, had to hammer on a 12mm, then one stripped internally. Had to do it twice and no one had new bolts. Why couldn't ford do it like GM, two bolts on each side (4 total) all the same size and much sturdier, never had an issue with them. They don't have near the leak problems either. (ford sucks)

Stewart makes some very nice pumps.

Good luck.

if you've got the green, Edelbrock makes a very nice pump...

it's not hard to change, and like half of the replies here say, remove and install the bolts CAREFULLY, they can ruin your day.

the only thing i noticed was the nuts that hold on the ac bracket aren't SAE, they're metric...more like 13mm if i remember correctly (which is incredibly close to 1/2") the bolt heads themselves are 5/8"

don't forget:

good quality gaskets
1 ea tube rtv (blue, gray, or black)to hold those pesky gaskets in place while you get your pump ready to install
book to guide you
coffee can/bucket/pan/jar for your hardware
antifreeze
distilled water (i hate corrosion)
good friend
annoying friend (hey, gotta have someone to take the heat)
beer
tunes