If the water seems to be coming out of the engine block itself it would be the welch plugs. To actually see them you either need detachable eyes or a flashlight and a small mirror. Welch plugs are brass plugs inserted into holes in the engine block. These holes were put there during manufacturing in order to clear the sand used in the casting process from the water channels. They do tend to rust through and replacing them can be a serious headache due to the diffyculty in accessing these plugs. Basically you would have to strip everything(ancilliary components, inlet, exhaust manifold) off the engine to replace one. It can be removed by hammering a screwdriver through one and wedging it out. Replacement entails using a circular drift to hammer it back in (after the hole has been cleared of rust)
Also bear in mind that if one is rusted through, then the others are not far behind. depending on the engine it could have any number from 4 to 10 of these in the sides of the block alone.
The picture shows a welch plug (circled) on a 26 year old Nissan without aircon, power steering or fuel injection and it is still the only one visible on the engine without removing components.