The heating ventilation and air-conditioning (HVAC) section of Eng-Tips would be a much more appropriate place to ask this question, as "rmw" has already said. This is what those guys do, and they are good !
"rka" also has the right idea, try and get yourself a cooling tower off the top of some old office building that is being demolished. Go around to a demolition site with a rented flat bed truck and a LOT of beer. You might get lucky, maybe the site foreman and the crane driver like beer ?
A large tank will gradually heat up. In theory the hot water stays at the top and you can draw cold water from the bottom. In practice turbulence in the tank will rapidly mix the water, and the whole lot will gradually heat up together. But a large tank is an excellent idea anyway to smooth out the heat load from the dyno. The cooling tower or radiator could then be made far smaller. Something like an old above ground diesel storage tank, and a really large radiator off a bus or truck with a multi horsepower electric fan should be sufficient for short dyno runs. For continuous full load testing, a large cooling tower is really the only practical solution.
You could always build your own cooling tower, go and have a look at one, they are pretty simple.