Im hearing some very irritating squealing from one of the pullies when the car is in park or when I stop. I think it may be coming from the A/C or the water pump. Does this mean that that component is going out or is lose? What does this mean and how do I get rid of the sound?

 

check the tension on the belt(s)

if it is worn at all, change your belt(s)

 

I was reading some stuff on the harmonic balancer, I was wondering if that thing goes bad will it also make squeling noise?

 

how old is your belt? Change that first if it's old. Also check to see if anything is getting on it, maybe a slight leak from the water pump or something that'll make it squeel. You could always try wiggling the water pump or a/c compressor.