Just some rambling info...
The only reason its used in drag racing is because they make the coolant (often an alcohol mix) run through an ice chest. This gives them over 100% effeciency....sometimes up to 150% with ice... water doesnt cost much last time i checked. Though that crap you have to spray in front of an air-air unit costs a bit to refill everytime you run low.
They dont use that spray in a liquid-air unit because the systems are designed to loop the warm water back only after the run. So there would be no benefit. (radiator only lowers temps in coolant after the race).
The benefit of liquid-air vs air-air in a street car is that an air-air unit must be fairly large to lower the charge temp down near ambient. The larger the intercooler the more pressure loss results.... and more turbo lag. A liquid intercooler can bring the charge temp down with a unit thats 1/4-1/2 the size of a similar performing air-air unit. The liquid cooling part of the system can be as big as you want it to be, this means you can increase the cooling capacity of the system without effecting pressure loss or turbo lag, pretty good deal if you ask me.
Liquid-air intercooling falls short in the aftermarket support, though adequate, it takes a bit of searching to find something of interest.
Strapped for cash but still want liquid intercooling? There are quite a few cars that had those systems. Subaru RS Legacys had them, some trucks and volvos also.
Reliability is good if you design it right, and its not hard to install it either. All your adding is an intercooler and another radiator.
Good Liquid Intercooling guide:
http://ludespeed.com/products/....html
a company called PWR makes an interestlingly designed air to water intercooler, it almost looks like a muffler and it is designed to keep your piping very short. its a straight through type unit and has very little pressure loss.
Click the link and scroll down to PWR Liquid to Air Intercoolers:http://www.absoluteradiator.co...ept=9