The 3.0L engine in your Mitsubishi is an interference fit engine meaning it will do serious internal engine damage if the timing belt fails. Mitsubishi recommend changing the belt every 60,000 miles. Straight forward timing belt replacement is about 3.4 hours. to replace the water pump, cam shaft oil seals, crankshaft oil seal and tensioners would take an additional 1.1 to 1.3 hours.
listen to them i'm trying to fix the "Serious internal engine damage" (understatement) from when my timing belt broke. Change it every 60,000 miles. All my valves are bent and I think my pistons may be cracked also
The Timing Belt and Water Pump Replacement are recommended at the 60,000 Mile Service (96,000 Km.) or 48 Months, whichever comes first. Learn more about this Tune Up: http://repairpal.com/60000-mile-service