Putting portable air conditioner hose in bucket of water
This won't work in that simplified form. Even if the water did absorb a bit of heat as the air passed through, the water would heat up fairly quickly, at which point it would stop absorbing heat from the air. "Dissipation" doesn't mean "disappeared". The heat still exists somewhere. You'd have to change the water regularly. Also, you'd be adding moisture to the air via evaporation and possibly effervescence, countering the cooling effect of the air conditioner. 

Now, if you wanted to split the airflow into many tiny tubes, provide a large quantity of cold water, and change the water regularly, it could work. Maybe. But probably not very well.