FYI, the metal housing of the water pump has a hole in it. I'm not sure exactly where it leads, but the idea is that it's supposed to leak when the pump goes bad. This lets you know you have a problem via a puddle, rather than an overheated engine. The hole is under the shaft. It was hard for me to see, but it can be done.
I too would say to check the hoses for obvious problems, and change the water pump if you can't find anything else. I have simple instructions typed up and illustrated for the procedure. Ian was working on it at the same time I did mine, so I sent my notes to him to combine and put up in his HowTo section, but it never made it there... Let me know if you want it...