Around the water pump is a bit vague. The fan blows it around as well. It could be coming from the lower intake gasket and running down, a pin hole int he hose, the thermostat housing gasket, the wp gasket, or from the weep hole underneath the WP (alerts you that the internal seal is going bad).
Clean it all up, fill it up, start the car and let it warm up and try to get a better idea of the source. If it is the turns out to be the WP gasket or the weep hole, you should replace both the pump and gasket anyway.
You should fix it sooner than later, small leaks in coolant don't stay small leaks very long.
Last edited by nolife; October 25th, 2010 at 01:15 PM.