Needs water pump may mean: the car overheated and the head gasket blew, there was a serious coolant leak somewhere that left the system high and dry while driving, or simply that it needs a new water pump, which you could do yourself.

But if its all drained, it is a SERIOUS gamble. Expect to invest a few hundred at least (all fluids, filters, battery) to even see if it will run. And then you've got to do all the routine things it will need, suspension, vacuum lines (probably suffering after 5 yrs of not being used) and most other rubber.

If you're looking for a project, talk him down unless the body is in IMMACULATE condition.