To be totally honest - the way i've always found stuff:
Air to Air - for the road/circuit etc.
Air to Water - for the drag strip where as Stavros has said - you can fill it with Ice/IPA/Liquid Nitrogen (don't ask...) etc.
You can use Air to Water on road/circuit stuff - but you'll need to make sure its well up to the job and there is a lot of stuff involved - there are some big power cars out there that can't get their charge temps back down after a straight line blast where an Air to Air would be a lot cooler...