This project came out from the Startup Weekend Hong Kong Maker edition. Our team spent the whole weekend prototyping and didn't do many business-related things, so we didn't win any prizes, but had a lot of fun. :)
The idea is to have a portable device that will lower your body temperature by cooling down your palm/wrist (one of the human body's quick cooling spots: http://lifehacker.com/5571072/know-your-bodys-cooling-spots ).
It uses thermoelectric cooling (Peltier effect) with two water circuits.