Bumps the price up considerably but if you're going to be doing a lot of higher amp welding yes, go for the water cooled. Keeps the torch nice & cool + they are a smaller, neater torch so good for fine control & tight access.
Available in single phase.
As with everything, you get what you pay for.
weldequip
Water coolers are something that can be bought as a seperate unit, just needs a water cooled torch. even a wp17 torch gets hot at 200amps if you run it for to long. I suspect weldequip can do a good deal on a water cooler, might ask him when i am flush
Cant add much more, depends what your doing, if its light home use, dont waste yuor cash. If your planning on doing a fair bit of hot stuff, worth looking into.
As IDarren mentioned, you can get add on units. Not the neatest solution, but you could use a standard machine for a while, then if needs be add on a cooler.