The green resistor will actually be a Thermister which is part of the Inrush circuit, It's a common component that fails on these drives. I believe it's an easy and cheap repair for someone with electronics skills but can't help much more than that.

If you get it going then the settings are easy enough to enter back in, just post again if getting working and I'll give you the mains which will get you working.

Regards the water, then if you run them for short periods at lower speeds they will run for 30+ mins without too much trouble, run at higher speeds and you'll need water to cool.
Don't need anything fancy, just a simple pump in a bucket of water will work fine.