Yea, its more than likely the water pump. How many miles do you have?
You should NEVER drive with an overheated car. You have a chance of blowing the headgasket, which is an even pricier repair. I recently had the same problem at 106k. This is one of the major repairs needed for the n52.
You can buy the T-stat/pump combo from tischer for a little less than $500 and hopefully you have an indy who can do the work for you for rather cheap.
i had a buddy of mine do it for $700 and some change including parts and labor and I believe I got lucky, as I have seen countless people saying they spent $1000+ on it.
Best of luck, if you are near NY shoot me a PM
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