bigmac I believe you hit the nail on the head...We ended up taking the water pump off to see what the problem was. In the process of removing it we discovered that one of the metal rings inside the water pump was cracked, thus causing it to leak. After talking to the nearest Mastercraft dealership we decided it would be cheaper to buy a whole new pump as opposed to do a rebuild. (About $250 for a new one) They had the pump shipped to me in 2 days and it took about an hour to get the new one put on. No leaks or problems since.