The sound is not a squeal from a belt, in fact it does sound like a bearing. My water pump was changed with my timing in October of 2006. Haven't had any related problems with that job since it was completed. I used all Nissan parts from Infiniti of Scottsdale and had the job done at a local shop.
Here is everything that was changed, included in my parts listed in my last reply of this thread:
zerothread?id=197633
I thought the sound was coming from the crankshaft pulley when I put my head near it under my car, but I can say that if it is definitely not that, then it is something around it. My AC idler is not the issue as I had it off and still heard the noise.
When I had the car running and was listening, I was hearing the noise come from the rear spinning belt that spins on the crankshaft pulley. From the manual, that belt spins the water pump and the alternator. My alternator was rebuilt in 2006 as well.
One thing that sucks, is, I can't start my car, drive it and take it to a shop because by the time I get there the sound is gone. I'll have to leave it, which won't be a feasible option, because I use my car everyday.
I'll be changing my oil tomorrow, and I'll see if I can get another take on where the sound may be coming from.
Thanks,
Geoff.