Toyota Repair: High Pitched Squeak, water pump bearing, serpintine belt

Question
I have a 2002 Celica GT with about 30K miles.  There is high pitched squeaking coming from the engine compartment.  The last time I heard this type of noise (on a different car) the water pump bearing had seized and the serpintine belt was being melted by being drug over a stationary pulley.

Looking forward to your thoughts.

Answer
I checked to see if there are any service bulletins from toyota but there are none listed for 2002, there is a bulletin that applies to '00-'01 models regarding this noise(TSB EG014-01) it involves replacing the drive belt and the tensioner, it may apply to your celica anyway if it's an early 2002, I would recommend having the toyota dealer look at it and see if it falls within the affected VIN# range, the warranty period is 3yrs/36,000 miles so it should still be covered under the warranty whether the bulletin applies or not.