Could be a few things JT, most of em pretty bad. Rule out the pump first though.
First things first, open up the handhole to the pump and look/feel around in there for something jamming the impeller. Look up through the rock grate as well.
Next I'd look closely at the driveline condition, and check that all the bolts are in place on the flywheel and in the driveline. If one of those backs out, could cause an issue.
Other than that, pull the engine or at least the heads and see whats up. If it's in the engine, I'd guess broken timing chain or cam and pistons are jammed against valves.
Ray