Porsche Carrera - engine noise

I have 2002 Porsche Carrera. Car has been running fine without any problems. Suddenly a loud squeeking noise is coming from the engine compartment followed with lots of water leakage from underneath the engine where I believe the water hose is connected to the engine manifold. The noise is loud and quite bothersome. Any idea what the cause might be? I plan to have the Porsche dealer pick it over transport in the next 24hrs but would appreciate any insight on what the cause of the problem might be. Could this be a faulty water pump or timing belt issue?

Yes absolutely, I think you are on right track to find the actual problem as I too believe this might be caused by faulty water pump but seriously to me it's not looking like a problem of timing belt.