Sounds galore

[Chase3203]

2002 Ford Mustang Manual V6 3.8L with 60,000 miles

My car is acting a little funky. I hear a sound similar to water running through pipes. It is fairly consistent and seems to change/die down when i press down the clutch. There is also a squeak in idle that seems to disappear once acceleration is initiated. Thinking its in the clutch/transmission area.

I popped the hood to see what the problem could be if it was inside the engine. It appears that the water pump (top left pulley when facing car) is making a little static noise and smells like burning. No leaks thus far, but it could be on it's way out. Seems like the car has lost a little bit of its power as well.

Besides that, it runs like a charm.

Any ideas?

[carrfixr]

facing the car the top left pulley is the a/c compressor. the water pump is in the middle lower down.