it will drip. I have no clue what a water to air refrigerated air conditioner is and the web has been completely unenlightening. They do seem to have a dehumidifier function, in which case they will drip a lot. Get the optional hose so it will drip where you want it to.

While I have never seen a thief go to the trouble of removing a window unit to gain access to a home or apartment, it's not completely out of the question. You might want to remove the unit and lock the window when you leave for the day. Mine was on the second floor in Boston and no one had that kind of ambition. I still think they're more likely to kick the door in than wrestle a heavy AC box.

Work great here in west Texas with 9% humidity.

Here's a link with some other pertinent info:

http://www.air-n-water.com/portable-ac-mistakes.htm