Leaking around the the water pump would suggests it's wearing out for sure. Start by replacing that. There may be other issues as well, but the pump is certainly on the way out.

Hi,

I recommend taking your F-150 to a Ford Dealer to be properly diagnosed. Ask to speak with the service manager. He’ll be in the best position to answer any inquiries. Our certified technicians will be happy to take a look, and answer any inquiries about your water pump.

In the meantime, locate a dealer near you and set up an appointment with the link below:

http://owner.ford.com/servlet/ContentSer...

Have a great weekend! =)

Tricia

your waterpump is an impeller the belt makes it spin it has a bering to make it spin true it has a seal to keep fluids inside motor below the shaft housing there is a weep hole sometimes a heater hose attaches to pump with a hoseclamp this is the entire composition of your waterpump visual inspection is needed to determine your actual problem any answer other than this is guesswork and inaccurate go inspect it or have qa mechanic to inspect it

If the weep hole is leaking crap, at the bottom of the pump, it is bad, very bad, and needs to be admonished or replaced.

I have a Ford F-150 and lately there has been a rather high pitched squeaking sound and I believe it to be coming from the water pump. The belt looks to be in good condition and the water pump also has something that has been leaking on it (I'm not sure from where on it though) and it is quite rusty. Is this the water pump or possibly something else?