Damn man, $1,060 for a water pump swap? The rollers he talks about sounds like idler pulleys, bearings must be going. I know you can pick up a water pump for $150 w/gaskets. Then you'll need coolant and to change one you'll need to get to it. I know the seats come out to gain access to the front engine compartment panel. Right behind that panel is the water pump, serpentine belt (change that also since he's in there) and pulleys. Then filling and burping the system. As I think about it your mechanic is probably going by a book at specifies how long a job takes and then adds in the parts.
Call a dealer to see what they will charge, you might be getting a good deal. The cost will obviously go up depending on how much stuff you change out while he has the car tore apart. I personally would be looking at everything that will turn into the weak link in the system and replace with new.

Hmm. Just had the same red flashing light immediately before a long journey (500 miles) on a very hot day with the car sat in bright sunlight.
Kept an eye on the oil temp, never seemed to go much above 80 (may have touched on 90) which I guess is acceptable for such a long journey. Light stays flahing now, even when I've let it the engine cool for a while, and immediately this would flag up to me 'low coolant level', which I will sort tomorrow.
Noe, on the subject of coolant, does it need to be 'special', as in my previous BMW, water would suffice, but I know thats not always the case with cars, indeed, maybe only limited to a few.....

By all means, consult your owner's manual.

2002 porsche boxster water temperature blinking light
 

:troll::ah::dance::chicken:I have a 2002 Porsche Boxster. I recently purchased it about 3 months ago. The Red light at the right end of the water temperature gauge is blinking non stop pretty slowly. I've checked the fluids multiple times and under the carpet and saw nothing. So i took it to an import place and they say it's gonna cost 1k quid to ifx it and basically pull out the tank and ifx it so that the floaty in the tank which is supposedly broken, to be ifxed. Some people though have said to cut the sensor for that if i knew how, then just watch your gauges and fluids a lot like i already to. Another person said that i needed to check the top of the trunk when i pull it up to see if there is moisture where the small cluster is. there was. i wiped it down but it's consistently there. she said if i change the cap on the radiator fluid it'll keep it from over spilling up the top and onto the ceiling of the trunk and that would ifx this. I'm justt lost and confused. anyone pleases help me?

First of all, don't go back to whomever told you that he needs to pull the tank to replace the level float; the level float removes from the bottom of the tank with it in place and does not even require draining the tank. A new level sensor should set you back about $40 at retail.

If you've seen condensation in your boot above the coolant cap area, get a new cap as the old one has lost its seal.

I'll add on to what JFP has said by I guess giving you somewhat of a reality check. If you think 1000 dollars is a lot for a repair, sell your car while you still have money in the bank.

That said, if you're going to spend money on having someone repair the car, you need to find a qualified and experienced Porsche mechanic, preferably someone who knows the water cooled modern Porsches well. If you take this car to just any garage you are setting yourself up for heartbreak.

Plan for 1-2k a year in repairs. Some years will be more some will be less.

I just did the wp on mine last week. It was pretty easy you just need to get your hands on a torque wrench that does 84 inch pounds. No leaks so far though I did add too much fluid. Since fixed. If you decide to do, disconnect battery, remove seat, do and then put seat back in then connect battery. Won't have to deal with airbag light that way.
Oh, I used regular water. Hopefully that won't be an issue down the road.
The worst part was getting rubber hose off pump. JP had posted an earlier message about it which really helped.
Good luck.

Rollers are probably the idler pulleys for serpentine belt.

Prices seem in the ballpark for a shop fix (parts + labor). It in line with what I've paid in the past.