I cleaned the area (low in front) and all around the water pump, went for a short (15 miles) ride. Upon reinspection, I noted a oily wetness in the cleaned area, which seemed to be coming from the center bolt coming directly out the bottom of the coolant pump housing. Is that a clue? I'm thinking that the pump may be good but the O-ring has gone bad, but OIL? By-the-way, there doesn't seem to be any oil or coolant in the radiator. Looks like I better order a new pump and the two O-rings, plus buy new antifreeze and engine oil and filter. Anyone know how much a new pump is?
I suppose its possible that the O-ring that seals the opening into the oil part of the crank case can be failing....especially after 200+K miles. I would say its time for a water pump assembly. As I recall its like $100 through HDL. Remember to drain engine oil before you start......I think that should fix you up.....even if the water pump is technically working right now, its time.....just go for it