Boy, any number of things could be the cause
I had a friend who had a small fish sucked into the intake. He had water in the hose too, but not enough for cooling. You know its not coming out the exhaust, but do you have any volume at the mixing elbow? Do you have volume at the discharge side of the pump? Is the pump sucking? These things can all be checked with a bucket, or a bucket with water by disconnecting hose at various places to isolate the problem area. If its in the pump look at the impeller again. Impellers have been known to separate from the drive bushing. You might even have a broken piece of impeller in the pump discharge hose. I don't recall off hand if your pump is belt driven, could the belt be slipping?I think I would look at the discharge side of the pump first. It should be putting out a good stream of water, and you wouldn't have to run your engine more than a few seconds to know. Anyway, I think you have some more troubleshooting to do to isolate the problem. It could be a seal as Mike suggested but you have to look a little more.