It works well. A lot of the blood will seep out and make the meat better. I do it all the time. Sometimes I put it in an extra fridge for a few days, sometimes in a cooler, and sometimes straight into the freezer. It all works. Water on the meat does not matter for short term, but I would not leave it that way for too long. No big deal. Just keep it drained. It helps to set something in the bottom of the cooler to keep the meat up off the bottom.
