Has it ever had a timing belt? What can happen is the hydraulic belt tensioner fails and allows the belt to go slack on over-run. When that happens it stops driving the water pump so no coolant flows round the engine and it over heats (had one in like that last year). Worst-case scenario when the belt snatches the pump on acceleration the torque spike loosens the impeller (cast iron on these so lots of intertia) and after a while the impeller simply falls off the shaft. That happened on mine (before I got it!).
If you do want to persever with it, I'd suggest a genuine exchange water pump and INA timing belt kit with the tensioner (essential) would sort it right out, but that's not a cheap job.
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