Sure, these work great, and they're all around you and you don't even know it. Most of the ice machines on the top of soda fountains in fast food restaraunts have water cooled condensers. These are constantly bringing in a small stream of city water through the condenser heat exchanger and putting it down the drain. Most of the large chiller units that air condition large buildings have water cooled condensers. These units recycle the cooling water, pumping it to a "cooling tower" on the roof or beside the building to cool the water back down. In residential, we'd normally call these ground source heat pumps or geothermal heat pumps. The cooling water is normally recycled, by running the cooling water down a deep well or through lots of loops in the yard to cool the water back off. Some of these systems do not recycle the condenser cooling water. They are called "pump and dump" systems. They may pump the water out of one well, through the condenser, and dump it down another well. They may also pump it out of one side of a lake or pond, and dump it back it at another spot. People are also getting "free pool heat" from central air conditioners by running the swimming pool water through the condensing unit heat exchanger. This not only produces the air conditioning for the house, but can raise the pool water temperature by up to 20 degrees in most climates.
There's tons of options here. It's certainly not new, but Michael Holigan is a salesman first and foremost. Sell the sizzle, not the steak.