Is the water pump driven by the timing chain?

Yes it is driven by the chain. Because you are dealing with timing chain tensioners and engine timing, as well as a pretty lengthy job tearing it down and reassembling, I would recommend against the do-it-yourselfer taking on this project. In the shop environment, 4 hours are allotted for this job. At home, probably closer to an all day job.

Your engine has a timing chain, labor to replace the water pump is about 4 hours. Look over all repair instructions prior to undertaking the job. best place to get information is Alldata. The information is year make and model specific repair procedures, service bulletins, component locations, wiring diagrams ect.... Alldata is very easy to navigate http://bit.ly/AllData_Repair_Manuals_Online