Put an even bead of sealant along the edge of the part but dont use too much sealant. Old gaskets and seals should be replaced by new ones.
Ford Mustang Gt 1996 2004 How To Replace Water Pump
Install water pump gasket. It fills the gap between the engine and the water pump in your vehicle. Position the new pump straight onto the mounting surface of the engine block. Carefully follow installation instructions. Make sure the bolt holes align. Double check that all the bolts are in place and in their. Dont apply sealant to an o ring or a dry seal.
Only apply sealant if specifically recommended by the vehicle manufacturer. Dont put it on too thick just enough to hold the gasket in place on the block or on the pump. The water pump gasket is a simple sheet comprised of gasket paper rubber silicone metal felt and fiberglass or plastic polymer. Then apply a dab of rtv sealant to the bolts and install the bolts finger tight to hold your new water pump in place. Install the new water pump. Use the gasket and put the gasket maker on either side of it.
If you flush the cooling system with a water pump attached use the old water pump and not the new one to prevent impurities from contaminating the new pump. Do not force the pump on by striking the pump shaft. An improper seating damaged seal or misaligned gasket can mean the water pump is not operating efficiently or worse is under undue stress from misalignment. It will do the same job and work just as well. Should leave you in good stead. Without the gasket the coolant flowing between the water pump and the engine block would undoubtedly leak out.
When changing a water pump replace all old gaskets and seals with new ones.