I did some closer looking. It seems it's totally a water leak around the water pump area. From the underside, I can see water running down what looks like the PS mount area (water pump sits just above this). I can also see the white residue in that area from coolant leaking and then drying out.

So, what the deal with these things. Is it likely I would need a new pump or do these typically just have one or more O-ring failures? I did a little reading but can't surmise what I may be in for. I think I'll pull it apart next weekend and try to fix it. Any thoughts on water pump problems like this are appreciated. (seems much better than what I thought that being a head gasket).