YES, your water pump has failed.
Is it common for the belt to break, no. Is it common for the water pump to fail, yes. Mine did the same thing 2 months ago. You need to replace it. About $140 for the pump at NAPA. Another $40 or so for the right coolant from NAPA. Takes about 4-5hrs to change. Not to bad of a job. However, Im guessing your not able to preform this task if your asking this question. Not sure what a shop would charge you. Maybe $500 or so. If you were close to me I would say lets do it the weekend....for a 6 pack. Hope everything works out for you.
Last edited by JasonSC540ia; 10-06-2012 at 01:56 AM.