It definitely sounds like the water outlet. The biggest pig for me was removing the power steering angle sensor. One of the housing bolts hits it and requires you to remove and reinstall. The sensor has some c-clip and a washer that youll need to pay attention to when removing. Dont forget to buy an o-ring for the water outlet too! Goodluck.
Rev high, shift happy
Bronze Mist 01', 2.4L w/WAI, F+R strut tower bar, 20% Tint, Upgraded 16" factory aluminum rims, Crossed drilled rotors on all 4 corners, chrome muffler tips and 3000K HID fogs.