Well, the local Chevy dealer has looked at my car and confirmed that it is a bad water pump. The damage is $512 for a new one to be installed. This is a factory new unit. I have no wrenching skills, so I had no choice but to have it done. Boy, 6oo miles and 2 weeks of Corvette ownership and I have my first repair!. The dealer told me that it's not uncommon for the water pump to go out on these cars at 50,000 miles, when they aren't driven to much, (6,000 miles a year)and the seals get a chance to dry up. I better start saving mymoney as it looks like the clutch is next, It's release point is at the top of the pedal.