Set up as picture

One large cold water tank
One 25Ltr Fermenter with Lid
Digital Thermometer
Loads of water
To get the Fermenter Real value i just added 2 degrees as a rough guess.
I will edit this post with new data as i record it.
Initial results:
Tap water temp 15.6
Date / Time_________Ambient____Tank___Fermenter___Fermenter Real
06-07-06 11:00pm___23.1_______17.4___17.9________19.9
07-07-06 7:20am____20.3_______18.0___18.4________20.4
07-07-06 6:00pm____21.0_______18.9___18.9________20.9
07-07-06 10:00pm___21.7_______19.5___19.3________21.5
08-07-06 7:20am____18.6_______18.8___18.5________20.8
08-07-06 9:10am____19.6_______18.8___18.5________20.8
08-07-06 1:10pm____19.8_______18.9___18.6________20.6
08-07-06 7:00pm____20.5_______19.1___18.8________21.1
I have had to stop this experiment early as the weather is cooling down I have decided to do my first home brew!! (see the brew day write up in the kit section......when i get around to it)
Early conclusions and thoughts on this experiment:
Even with just these few results i would have second thoughts about using this type of setup to cool a fermenter down! I would appear to me that you don't achieve much in the way of cooling just the temperature is delayed in other words The ambient temp takes a while to warm the tank and the time it takes would depend on amount of water which then in trun warms the fermenter and so you just get a delayed temperature change.
It would help with any short term peaks if it suddenly got Very hot for a few hours over lunch time the fermenter would become warmer later in the day but not to hot and the same over night if the temp dropped very low, but if the ambient temp was constant for more than a few hours then with this setup you would get very close to a state of equilibrium.
This would be more useful for cooling down a fermenter ready to pitch your yeast starter in.
If the weather really gets hot again i'll restart the experiment with some of the ideas mentioned in this thread.