In this paper a novel water-cooled blanket concept is examined. This concept, designated the Aqueous Self-Cooled Blanket (ASCB), employs water with small amounts of dissolved fertile compounds as both the coolant and the breeding medium. The ASCB concept is reviewed and its application in three different contexts is examined: (1) power reactors; (2) near-term devices such as NET; and (3) fusion-fission hybrids.