Is that pulley bent?! The water pump noise could just be the seal making noise. If the bearings are rough, the water pump needs to be replaced. The alternator is much easier to just replace if the bearings are bad. The pulley won't wear, it's the bearings supporting the rotor that fail.

__________________
Current stable:
1995 E320 157K (Nancy)
1983 500SL 125K (SLoL)

Gone but not forgotten:
1986 300SDL (RIP)
1991 350SD
1991 560SEL
1990 560SEL
1986 500SEL Euro (Rusted to nothing at 47K!)

Gone and wanting to forget:
1985 524TD 167K (TotalDumpster™) [Definitely NOT a Benz]