The bearing, which is a sealed bearing, should never see water. The seal goes between the bearing and the impeller. The bearing is in the snout. 

Frank/Rebop

Bristol, In ( by Elkhart) 

I believe you will find that most antifreeze has water pump lubricant in it. That is all you need.

Ol'ford nutCentral Iowa

56 Vic w/292 & 4 spd.

Thanks guys for your answer. I was reading Post #45698 and was just wondering how you would oil a water pump. Didn't think you could. Thanks for telling me it's only a casting hole in the water pump, not for oiling.