After driving my 1984 F150 only a few miles yesterday, I noticed my thermostat gauge steadily climbing higher than normal. I pulled over and checked it out, and found that my top radiator hose is empty! I can squeeze it and it is not firm at all. I have plenty of coolant, and there are no leaks that I can see. Does this mean that my thermostat is stuck closed, or is the water pump going bad?

 

Either way, the system should still have been pressurised.
So in addition to anything else, it sounds like your radiator cap is not sealing.

 

If the upper hose was hot, the thermostat was open. You can also start it cold in the morning with the rad cap off, and let it warm up. When the engine gets warm enough, the upper hose will start getting hot and you can see the coolant flowing in the top of the radiator.