I have a 1999 ford explorer Eddie Bauer SOHC 4.0L and it is pouring water from a hole in the engine. I'm not sure where or what goes in the but it is running out fast.
I'm going to post this answer as preliminary and will update when more information is available.
If there is water visibly leaking from an engine, there are a few major culprits: hose connections, the water pump, and freeze plugs.
Since the water is coming from a "hole in the engine", I think we can cross off water hose connections.
If the water is leaking from a small hole (small like a pencil) near one of the pulleys, your water pump could be worn out. When the bearings and/or seals on the water pump fail, water will start to obvious leak out.
Since you said the water was "pouring", maybe it is a larger hole. Freeze plugs are about the size of a US half-dollar (little over an 1"), and can come loose over time. They can start to leak a little, but its possible for them to really loosen up an leave a big gap for water to pour out.