That looks like it should work just fine. I recommend that you read this to get a good grounding in motor control using Arduino:http://www.thebox.myzen.co.uk/Workshop/Motors_1.html
Some possible pumps. Not sure why you want a 5v motor, as you normally can't power motors of any decent size from an arduino.http://www.harborfreight.com/catalogsearch/result?q=fountain
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