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Don't spray silicone on a belt. It will quiet the belt temporarily, but it will cause the belt to slip and will coat the pullies themselves, necessitating a PITA clean-up. If you are losing coolant, then you've got a leak somewhere. It's unlikely, though not impossible, for a water pump to be leaking at 44k miles. You need to have the cooling system pressure checked to find the leak. If the water pump is leaking, it may be dropping anti-freeze on the belt, which could cause noise. You could have a bad or loose "fan" belt, causing the noise. Check it, with the engine OFF, for looseness or wear. By the way, if you need to add or replace the coolant, make sure you use a coolant compatible with the engine - original Toyota coolant is always safest. Good luck and let us know what you find. Hy
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