Here is what I've found regarding Water Wetter: I recommend contacting 
Redline for additional information.

>From a talk to Dema Elgin's High Performance Engine Class
DeAnza College, Cupertino, California

By Roy Howell, Chief Chemist, Redline Synthetic Oil Company
Formerly of Lubrisol

Talk given 07 April 1992

Notes taken by Jack L. Poller

Red Line Water Wetter is a surfactant - reduces the surface tension of 
the water. Allows the water to more intimately contact
metal. When the water boils, the surfactant makes smaller bubbles, which 
makes it easier for the bubble to be pushed away
from the metal surface, and allow more water to contact the metal. 

Water Wetter has a high Ph, but also has silicates, so it can be used in 
aluminium radiators. However, if left for a long time, the
silicates are depleted, and damage will occur. The liquid versions of 
Water Wetter do not have phosphates. 

Discovered by Roy Howell. Some engineers were begging Roy to develop a 
corrosion inhibitor to add to straight water for
racers, since racers rarely use AntiFreeze. He did some work, developed 
Water Wetter simply as a corrosion inhibitor, and
gave it to Huffaker. Huffaker immediately noticed lower operating 
temperatures, and Roy started to investigate why. 

You *can* cool an engine to much. The ideal temperature for coolant is 
190 F. 

AntiFreeze has 1/4 heat transfer capability of straight water. 

Temperature recordings at block water jacket exit, after stabilizing: 

        Water   Anti-Freeze     Water Wetter    Temperature (F)
        50%     50%             No              228
        50%     50%             Yes             220
        100%    0%              No              220
        100%    0%              Yes             202