yep.sounds like a bad bearing in either the water pump or the ac compressor, cant remember if there's an idler pulley on these but if there is that's also a possibility.
I also read it as that, but I believe what they meant was if it was ok to run it with the squealing for a few days.To the OP:
Hold up a second -
Unless I'm mistaken the serpentine belt drives the water pump.
So it's most certainly bad to run the engine without the belt and water pump.