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This would be a great solution for say, a rear-mount turbo where airflow limitations or stealth concerns would limit the efficiency an air:air intercooler or packaging or weight concerns would rule out a water:air charge cooler.
It would be really cool to use this as hybrid system too, where it could buffer a small capacity air:water IC or use an air:water IC to return it back to solid while off-boost.
It's got the gears turning... :D