Yes but would it keep it cool enough so it didn’t light off?. What would work better a bowl off sand?
But that might keep it from igniting a pile of clothing. . . kinda Zen, don't you think? A Zen bowl of sand. . . get a little rack to make it smooth with nice circular ridges?
Ol' Dan Tucker: Water doesn't put out LIPO fires. ;(
D Rider: Yes but would it keep it cool enough so it didn’t light off?. What would work better a bowl off sand?
Swordmaker: Nope, doesn't. . . but perhaps it can cool down an over heating phone.
Sand, yes. Water, no. When the LIPO enters a state of overcharge or over-discharge, metallic lithium 'fingers' grow between the anodes and cathodes causing internal shorts which is what causes it to start to overheat. External cooling won't help.
Overcharge can occur due to charging at a higher amperage than the LIPO is rated for, or at too high of a voltage or not cutting off the charging cycle when the battery has reached a fully charged state. Over-discharge is caused by sucking the juice out of the battery at a higher amperage than what it's rated or by allowing the voltage to decrease below 3.0V per cell.
Once a LIPO lights off, it produces it's own oxygen so it burns under water.
There are only two ways to prevent the overcharge/over-discharge state. The first, and most common on consumer-grade batteries is some sort of monitoring system in the form of a protection circuit. If no protection circuit is present, then the device itself has to monitor the battery voltage to prevent overcharge/over-discharge.