Does the water pump make noise ie. ticking or knocking when it is going out?

you could try starting the vehicle with out the fan belt and see if the noise is still there, if noise is gone then you would know if it is an external problem, ie, pump, pulley, fan clutch, ect.. only run for few minutes or less without belt or damage can occur..

Never heard a waterpump ticking but the fan clutch will. Does the fan move freely when cool and tighten up after the engine warms up?