Failure of the water pump will either cause the bearing to become noisy or coolant to leak (out the weep hole).  The internal seal will fail and cause coolant to leak out of the weep hole.  The weep hole ie located underneath the "snout" of the water pump.  Coolant will eventually hit the bearings and cause them to seize.  In rare circumstances, excessive internal corrosion can eat the water pump impellers and/or water pump housing passages.  A water pump failure will cause overheating problems.
Typical water pump seal leak out of weep hole
Tell-tale signs white streaks from leaking coolant under the water pump
Coolant leak is from weep hole of water pump.
Approximate location of weep hole designated by yellow arrow.

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