Don't let them piss on your dreams. Sounds like a great idea however you will need something to move the water. The major difficulty you will find is weight and space. You'll probably need a hair more that a single fuel tank can provide to cool your engine. While a fuel tank filled with water will keep your engine cool, pumped into the engine head, after a short time the water in the tank will be as hot as the engine is running, maybe a few degrees cooler but nothing significant.
What you will need to keep your engine cool after the first few laps is some sort of home made radiator system. You could make a radiator using fuel line that say runs the entire length of the chassis and back, maybe more than once. Without installing a fan you will be dependent upon air cooling the line so running the line several times along the length of the chassis might be the best way to keep your engine cool.
Bear in mind it may take a few times to get the right combination worked out so watch your engine temp closely or you could burn up your engine. If your engine does get a little too hot do not cool it by pouring cold water onto it. Let us know how your little experiment works. Who knows, maybe you'll find the right combo and be able to sell this idea.