You definitely need to do a water pump repair.
It's not a difficult job if you are mechanically minded, but you need to get a Yamaha shop manual to guide you along. You can order online at www.yamahapubs.com
For your parts, the sponsor of this forum, boats.net is a great source - good prices and service.
You might want to do what I did before my first water pump repair - I watched my mechanic (yeah, the one I go to when I am in over my head) do one on another model similar to mine. Helped a bunch.
Good luck [img]smile.gif[/img] ,