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I have a 2003 Boxster with 77,653 miles. I am the third owner and this Tiptronic Porsche was brand new in late December 2002. It is my daily driver and most of its miles are on the highway. It hasn't been tracked. Roughly two weeks ago the coolant temperature blinking light came on for roughly a minute. It has come on once since then. Each time the engine temperature was perfectly fine throughout the 1 1/2 trip. I did not until today check the coolant level (my bad) and now see that the fluid is well below the minimum level but can be seen when looking down through the opening. On the way home from San Antonio for Thanksgiving I heard a new cyclical noise that sounds like bearings going out. I've read up on different websites that it is likely my alternator, pulleys, or water pump. My battery registers 12.6 volts when the engine isn't running and 13.93 when it is running. I bought a mechanics stethoscope and as best I can tell the water pump and the lower pulley seem to have rough noises. And there does seems to be the smallest flutter in the water pump pulley with it going in and out maybe 1 to 2 mm. Here's a link to a short video ( ) of the engine running and you can hear what I think is a bearing going. Would the next step in isolating the problem be to remove the drive belt and try spinning the pulleys and water pump pulley freely to see if there is any obvious failure going on? I tried the WD-40 trick but spraying it on the pulleys while running didn't make any obvious difference. If it is the pulley and/or water pump how difficult are those fixes if I'm handy and have in the past replaced a turbocharger on my old Saab 900? I don't fear much in the way of fixes (perhaps to a fault). Please share your wisdom or I'll end up spending too much at a shop. :-) Thanks, Trevor in Austin