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Water Pump is one possibility, another is that the coolant tank relief/burp valve under the plastic shield that fits around the Oil & Coolant caps.
If you remove both caps you can lift the shield off and look for evidence of moisture in this area.
If the coolant is overfilled that pressure release valve will release the extra coolant there and it will run down the drain tube and land just inside and near the front of the passenger rear tire.
My 01 S spewed water when parking after I had topped up the coolant tank the day before. I must have overfilled it.
Now when cold I make sure it is no more than half full in the coolant tank to avoid that issue.
Since your coolant light is blinking slowly, indicating it needs more coolant its more likely the Water pump.
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"It broke because it wants to be Upgraded  "
2012 Porsche Performance Driving School - SanDiego region
2001 Boxster S, Top Speed muffler, (Fred's) Mini Morimotto Projectors, Tarret UDP,
Short Shifter, Touch Screen Dual Din Radio, 03 4 Bow glass Top (DD & Auto-X since May 17,2012)
Last edited by jb92563; 02-29-2016 at 11:55 AM.
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