We are getting ready to fire up the engine tomorrow so I started adding fluids last night. This morning there is a puddle of coolant under the car that is seeping past the waterpump gaskets. I pulled the waterpump to replace the gaskets and on the underside of the water pump housing there is a small hole, maybe 5/16". What is this hole for? Could it be seeping through this hole?

Also, when installing the new gaskets, should I use a bead of RTV on both sides of the gaskets?

How long has the water pump sat dry? The seals can wear out or get brittle, allowing fluid to leak through the weep hole.

The iron/gasket/steel/gasket/iron design is prone to leakage if not done right. Make sure all bolts are evenly torqued in the recommended pattern, and follow the sealant instructions given by the gasket maker.

Thanks Vikki.The engine has been sitting for about 6 months since it was fired. Do happen to know the torque pattern off hand? The gaskets do not come with instructions according to the guy at NAPA

All water pump bolts should be torqued to 15 ft-lbs. Install and tighten them all finger tight, then alternate your way around torquing each a bit in turn until all are at spec.

Pontiac service manual does not mention use of adhesive or sealant; other service guides suggest gasket adhesive on one side or gasket sealant on both. RTV certainly creates a good seal on a clean, dry gasket on clean, oil-free dry surfaces.

thanks Vikki, I'm off to NAPA. I'll update this later.