3600 kv is quite high. With a 7.2v motor that's a theoretical 7.2 x 3600 rpm = 25,920 rpm! Probably quite a lot less than that on load but still very high. I usually use motors with a Kv of 1000 or less on model aeroplanes using 12×6 props on 3s LiPo (11.1v) so you would need perhaps a rather higher kv on 7.2 volts.
Is water cooling really necessary? If you could manage without, it opens up a much wider motor choice. Most inrunners have a high kv. Without water cooling you could use a lower kv outrunner. They're pretty cheap so it might be worth trying if you can fit one without too much trouble.
I suspect your problem may well be causes by the magnets coming loose. You could try stripping the motor and having a look. If it's only one or two, you could reglue them with cyano. Worth a try, even as an experiment to prove the motor fault.
Geoff
Edited By Geoff Sleath on 31/01/2015 15:31:54