My check gauge light comes on while driving. The truck never shuts off or hesitates, but the gauges will act up. Battery gauge drops, temp gauge gets hot, so I shut the the truck off. Antifreeze drips out of the water pump. Everything is wet except for the upper rad hose. I let the truck cool down, topped off radiator, then started the truck back up. Everything was good for like a minute, then the RPMs dropped and all the pulleys slowed down. The Check Gauge light come back on and I saw spits of antifreeze coming up from the top of the water pump. I lost power steering also. Then went back later to put the truck on a trailer, I got the front wheels on the trailer and then the power steering came back the check gauge light went out and everything was fine. I left the truck home for fear of breaking down on the way to work this morning.
Any input would be great. Thanks

 

If the belt is slipping, it would affect charging, PS, etc. Replace the water pump and get a new serpentine belt. If you lose too much antifreeze, it's going to overheat. If you overheat a 4.7L, you may be looking at a head gasket. Perform a chemical test for exhaust gases in the coolant. You can rent the kit and solution from auto parts stores.