do the timing belt, and front oil seal while your at it. Because it isn't the easiest job in the world, and you'll thank yourself later.
[Project] 'Bugger' - 1999 Toyota Hilux Turbo Ute - PB: [email protected] 1.857 60FT Video
[Project] 'Red Baron' - 1990 Toyota Celica GT-Four - PB: [email protected] 1.869 60Ft Video
Technical Articles Database 3S-GTE/ST185/Celica - BGB,EPC,Tech || 2RZ/3RZ/5VZ/Hilux - FSM
Sounds like the water pump is fsked and the water is pissing out of the weep hole (hence coming out from behind the timing belt cover).
If you don't have a crane just put a jack under the sump with a block of wood to spread the load.
If the waterpump looked pretty corroded the rear casing is probably pretty badly stuffed too.. if you buy a new genuine pump (i'd recommend forking out the little bit extra for one, they come with all gaskets etc) the rear casing is a part of it and you only need to undo the 3 bolts on the lower left hand side of the pump to get it off, then the two nuts that hold the water bypass pipe into the rear housing.
Be careful if/when you remove the rear housing from the bypass pipe, if it's old and brittle it may break off in there which will be bad news (happened to me).
Good luck
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