Overheating Diesel!?!!
 

Okay, so im driving my K5 around today, and stop to show her off to some of my lady friends. I hope in bc im getting cold, and see the temp gauge is off the charts! Now i have witnessed this before in my camaro, so i take her down the street to see if a little moving air helps at all, maybe 30 seconds later i saw that it didnt do a lick of difference! It was then that i dumped the truck into a parking lot and popped the hood. After it cooled down i checked the radiator, it took about 1/4 gallon without the truck running, i didnt want to fill it with water since its FREEZING out, so i drove her home. About the time i entered my neighborhood the gauge was back at 240 degrees and then the "water in fuel" light came on...could these two be connected? My suspicion is a water pump since the belts were squeeling away the whole drive actually smelt like burning rubber, but the Water in Fuel light is what got me worried. She starts up fine with one turn of the key. Any thoughts?

I think you nailed it right on the head. Water pump. If it's running is the pulley on the water pump turning? Or, is the belt moving but the pulley isn't? If that pulley isn't spinning then it's water pump time. Now I have seen the pulley spin and the pump was still bad. The impeller rusted away and didn't know it untill I took off the pump. Good luck