1992 Buick Park Avenue Possible Water Pump Problem

While driving, I noticied an odd high pitched whining sound coming from the engine. At the same time, my engine temperature guage light came on and the needle showed the temperature to be hot. I stopped at a gas station not knowing what to make of the problem and noticied the smell of Antifreeze I think. When I opened the hood I noticied sparking on one of the pulleys on the serpentine belt. I turned the car off and the pulley fell off and the belt went slack. I looked up a diagram of the engine and it looks like it could have been the Water Pump pulley possibly. Are my powers of deduction correct? And if so, is changing the water pump myself a sound decision, as I am quite the novice?

I've changed front break pads and oil but that's about it. I see the part is only $30-$40, but I don't want to get into something that is way out of my league. Thanks in advance