Well boats have no radiator neither fan but plenty of ocean water to dissipate heat. But have other problems. Unless the engine has a heat exchanger salt water is going to corrode your engine very quickly. And you still need the water pump.
Jose
Unless you are operating in fresh water (think Great Lakes) no boat of any quality operates with raw water cooling. Salt precipitates out in the water jackets around the cylinders, which develop hot spots, and soon the engine is in need of an overhaul. As we know in the aviation world, engines are too expensive to ruin like this. The fix is fresh water cooling: a heat exchanger as you suggest. The fresh water cools the engine, then the fresh water is cooled by salt water in the heat exchanger. This fix is well know, not very expensive, and reliable.
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