Some manufacturers are incorporating this method of dehumidification into their heat recovery ventilators and air handlers.
They call it a dessicant wheel or an enthalpy wheel or a thermal wheel.
These guys have made a Rube Goldberg-esque machine that claims to do what you are after:
http://www.advantixsystems.com/pdf/H...s_Brochure.pdf
It looks almost like an ammonia refrigeration system to me!