When you say 'above the water pump', I assumed you are talking about the upper side of the block, right after the coolant intake hose from the radiator ... if that is what we're talking about, then it is just the bleed plug for getting air out of the system ... but that is a 13mm bolt, not 17, so I'm still confusted as to what you are referring to ...
Worst case scenario ... your water pump is leaking and needs to be replaced ... big job .. and lots of $$$$$$$ ....
Good luck and keep us posted ...
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