Definitely sounds like a water pump. Mine went at the worst possible place...100 miles from anything that resembles civilization, the temp never went up but the light was flashing and coolant was pissing out of the bottom of the car like crazy. I had to drive it to the nearest gas station, grab 2 jugs of water and stop every 5 miles to keep it somewhat full. By the time I made it home, it sounded like an 82' Corolla! The impeller was completely blown apart and the shaft was knocking around.
Most of you would say...ARE YOU FRIGGIN NUTS DRIVING IT LIKE THAT???
Short answer...Yes. I was as careful as can be and took my time. It was either that or spend the night in the middle of the Everglades with the gators, panthers snakes, and bears.
Luckily, I changed the pump and there was no other damage to the car, runs like a champ again!
I paid $300 for the pump at a local dealership because Suncoast was closed for the holiday weekend. A word of advice...Get yours at Suncoast (
www.e-partssales.com), the pump and gasket is $200 from them (Genuine Porsche).
Be prepared for one pain in the ass job though, take out the seats and remove the belly pan, it makes the job much easier. You'll probably be calling your car every 4 letter name in the book before the day is through, but it will be worth it in the end considering you saved $800 worth of labor at the dealership. Good Luck!