Good news is water pump is a lot cheaper than head gaskets.
Better news is that the pump isn't hard to replace.
You might need to rent a fan clutch tool or you can try and "brute force" it off...I prefer the tool method myself. Anyway, here's how you do it:
1) Drain the coolant. Detach the lower radiator hose and the heater return hose from the water pump.
2) Remove fan blade and fan clutch assembly - this is the part you'll need the tools for. Also, the fan clutch nut may be threaded left-hand which means you turn it to the right to loosen, left to tighten which is the opposite of a "normal" nut. It'll be stamped into the plastic on the fan shroud "Right Hand Thread" or "Left Hand Thread".
3) Lift drive belt tensioner by rotating it counterclockwise and remove drive belt.
Without disconnecting lines, remove A/C compressor mounting bracket and brace with assembled A/C compressor and power steering pump and set to one side.
4) Remove two bolts and drive belt tensioner.
5) Remove three bolts and generator (alternator) mounting bracket with assembled generator and set to one side.
6) Remove the water pump pulley.
7) Remove the water pump assembly attaching bolts and remove water pump.
Once you get it off, make damn sure you get all the old gasket material off the engine block, slap a new gasket on it and then put everything back on in the opposite order. It shouldn't take more than a couple hours from start to finish.
Just noticed that there's a thread with pictures as a sticky in this forum, so here's the link:
http://www.explorerforum.com/forums/showthread.php?t=273723