Compressed air dryers.

After reading through many compressor related posts, it seems that there are a lot of people who struggle to make their air dry enough for their needs. I am really impressed with some of the ingenious methods some people have devised to this end. Loved the ice water in the bucket with the coiled tubing trick. Simple and effective I would imagine. But that got me thinking (a sometimes dangerous thing). I see a lot of old refrigerators lying around shops and back yards that are still good but have been abandoned for newer, usually frost free models. I am wondering if anyone ever put a coil of tubing or piping through the refigerator to chill the air to get the moisture to drop out. A drain leg with an auto drain device could then dump the water on the discharge pipe. Am I correct in assuming that all the cooling coils are located in the freezer and you could safely hole saw two openings in the refrigerator bottom end? I bet such a set up would handle quite a few cfm. Would keep your beer cold too if the heat load was not too high for the fridge to keep up. Should be plenty of cooling capacity for all workshop sized compressors I would think. This is all that "real" refrigerated air dryers do, chill the air so the moisture will fall out. Usually it can eliminate the first 80% of moisture in compressed air. Filters should be more than adequate to take care of the rest. For dryer air than that, you would need a twin tower dessicant dryer, which can give you dewpoints in the -40c to -100c range. But I am guessing there are not many people here processing pharmaceuticals at home (hopefully) :-).