I am going to get my timing belt replaced, b/c my car has 124k miles on it and I was wondering if it's a good idea to get the water pump replaced at the same time since they will be working in that vicinity anyways.

 

Yes its a very good idea to replace the water pump

Also, you really could have posted both your questions in one thread instead of needlessly making another

 

Yea...If your going to replace your timing belt you might as well replace your waterpump too.

 

Yes, replace both your water pump and timing belt at the same time. Save yourself the time and money.