danallen, are you interested in active cooled lights in general, or just water cooled lights? As others have said, water cooling is generally used to move heat, not to dissipate it. A fan blowing through a radiator or heatsink is the real mechanism for dissipating a lot of heat in a smaller area. In a flashlight you can (usually) design it so the heatsink is close to the heat source, so a water cooling system is not needed.