There were 7 bolts to remove in order to remove the water pump. These have a very low torque rating for installation, so if they don't feel like they're coming out easy don't turn your ratchet harder. You may snap the bolt and be in for more of a treat. These bolts are notorius for breaking, especially the ones that straddle the water jacket.
The two bolts on the passenger side of the water pump (not studs, but bolts) were the ones that gave me problems. They straddle the water jacket and didn't come out easy. I went a bought a MAPP gas kit from Lowe's ($45, yes ouch) and used it as follows:
1. Heat block right next to where the bolt fastens into the block. It will be behind the timing cover. I would heat it for 30-45 seconds
2. Immediately after stopping heat, spray some penetrating lube. I use PB Blaster.
3. Wait about 30 seconds, then slowly turn the bolt as if you're tightening it.
4. Switch directions on the ratchet and try to loosen the bolt. Don't force it too much!
5. Apply heat again, and repeat.
I worked on 1 bolt at a time. It took me about 6-7 iterations of the above procedure to get the bolts loose. Once I got them out they were corroded and pitted pretty bad. BUT, they didn't break and I was beyond relieved. I decided to replace these bolts. All the bolts/studs are 5/16" - 18, and vary in length. These were 4" in length. I bought new SS bolts.
As you take the bolts out, put them in the back of a cardboard box so you know which bolt goes where with 12 o'clock marked at the top. This will be helpful later.
Next, clean up the surface of the timing cover to remove the old gasket material, corrosion, etc. Use a razor blade scraper or gasket scraper. I used a final wipe down of acetone when I was all done.
I had a decent amount of gunk on the front frame rail. It was as if something had rusted (surface rust only) up by the battery tray and then dripped down. If the bottom of the car would get wet (rain, sprinklers, etc) this crap would drip off and stain the driveway. I took a wire brush, cleaned it with degreaser, then primed it with 2 coats of automotive primer and then did 2 final coats with white paint. Looks 10x better than before, and hopefully will stop it from happening any more.