Help! Artesian "spring" correctly remediated?

I have searched all over the web and you folks seem to be the only ones who may have some reasonable advice...

I am in the process of buying a house in Pennsylvania. During the inspection the inspector found a loop of pvc comprised of two five inch sections of pipe (2 -3") linked by a u-bend set into a concrete circle in the floor of a crawl space off the main basement. The sound of running water could be heard from the pipe..a steady trickle. The inspector, a 22 year veteran, said he had never seen anything like it in a basement.

Although it was NOT noted on the sellers disclosure, we asked the seller and they said that it is an "artesian spring" that was in the house when they bought it in 2003. It seems to me that it is probably an old well or spring tap, but the seller has no idea where the water is going.

Is this the same as an artesian well? Where might the water be going? Has anyone seen a configuration like this before?

Thanks

"reasonable advice"... Is it 5" pipe 2-3" long or 2-3" pipe 5" long, what is it exactly?

Can anyone see evidence of any problem over all the years it has been there?

What problems do you think it might cause in the future?

Logic says the pipe and the water goes somewhere, it can't go back down the 'well', so the inspector didn't find where it takes the water too. Is there a creek or pond or ditch on the property?