In my experience, Kim, bad bearings sound like bad bearings whether
they're in the alternator, the waterpump, or whatever.  However, maybe
it is your alternator and it's only making noise under tension of the
belt and/or under load.

You need to put the belt back on, start it up and listen with a
mechanic's stethoscope or equivalent.

Working around a running engine with loose clothing or long hair can be
hazardous to your health.

Mike

Kim Springer wrote:
   But when I spin the alternator, it doesn't sound that bad.
>
> Could it be a the waterpump?  What kind of a noise do those bushings make?