I was able to change the seal, pretty easily, pull the cover off the waterpump, you will likely need 2 new gaskets. the pump seal is less than $6 so it's worth a shot. was able to take a small punch and knock the edge of the seal in, then a small hook and it pulled right out. seal comes pre greased, I used a socket to push the new seal in. I'll let you know if I was sucessful or not but it will be another month
If I were doing a rebuild I'd go ahead and change all the seals, this was so minor that it made what would have been a few hours plus a case gasket into a few minute job.
If it were on my bike I probably would have pulled the case and changed both seals.
'nuff said
warrnum, take a look at the exploded view at any of the websites you can buy parts, you will see 2 seals. the weap hole is between them, if you see water then it's your seal closest to the impeller, you may or may not see oil if there is a problem with the oil seal as it could manifest as an air leak leaking into the motor which is a good reason to change both.