No it's not water cooled and it's not aircooled with fan assist either, its just a cylinder of steel. I originaly bought it in 2005 so probably before the better cooled spindles we have these days.
It was suggested to me today,. that it is perhaps a 110 volt spindle and that the fella that the machine was with, swapped my good 240 volt one for this 110 volt one, does that sound feasible? is there any way to check if a winding on a motor is 240v or 110v?