Generally if the water pump bearings have no play, smooth action and there are no leaks from the hole in the bottom, then it is fine. Very, very, very, very ocassionally the impeller can be loose on the shaft. I have seen this once (1) in 35 years of changing hundreds, if not thousands, of water pumps.
To check the pump, release the belt tension and try to rock the water pump pulley side to side and back and forth. Any play at all and it is time to change it. Spin the pump. Are the bearings smooth? Any roughness and you should change it. Look under the pump. There is a vent hole underneath, just back of the pulley. Any sign of leakage? A small, dry stain of coolant is probably ok. If it is moist, time to change it.