Its definitely your water pump. The weep hole is there to indicate that failure of the pump is imminent. Its real simple to replace the pump. I believe its 4 or 5 bolts and 2 hoses. Just make sure you clean the old gasket off the engine block real well. As for the part, go to
www.skidim.com They have the best prices and excellent service. Just ask for Richard or Vince and they'll hook you up. Also, the water pump they sell is supposed to have a lifetime warranty and the bearings on their pump will never fail.