Kind a sort a....Ok
You have a water to air intercooler. Water is routed through the intercooler into a radiator in which it is cooled, then into a reserve in whici ice may reside. The main benefit, and correct me if I am wrong, is the idea of being able to remote mount the radiator and not have to worry about large air tubes. Also, you can get a really cool air charge by adding ice to the mix. The down side is on hot days, the water will quickly reach temp and the advantages will be neglegible unless you are running a very large radiator/heatexchanger.
This is how I believe it works.
Regards,
TBSCoupe