What you've described here is essentially how air coolers work. Latent heat energy evaporates the water and cools the air as a result. The limitation here is that it increases humidity which means it's only really ideal in hot dry climates. You would also need to ventilate the room which means you'll end up with more hot air getting in and reducing the cooling effect, so I personally wouldn't say it was the best way to stay cool. Air conditioning is expensive because you're essentially getting what you pay for, which is proper adequate climate control.What's the old saying? If it sounds to good to be true, it often is, these fake air conditioners for example, are just cheap fans, no heat exchanger, no ducting etc, all proper air con systems create heat, that needs to be vented out of the building, and are very expensive the best way to stay cool is to shield the heat source and have a cold towel and a fan to circulate cold air. I have a smalll portable unit that has a water tank, with elements that the air goes through i use chilled water from the freezer to cool the air,