That is the concept behind PlayPumps International.
Remember my World Water Day post?
I think the largest stat that works for this post is that every 15 seconds a child dies from diahrriea caused by unsafe water and inadequate sanitation.
By harnassing kids play time and power, PlayPumps pumps the water from a hole in the ground, into a storage tank, which can then be gotten from a spigot!! Not stopping there, PlayPumps also used the water storage tank as a revenue source, providing 4 billboards (2 commercial and 2 educational). This revenue is used to offset the cost of maintenance on the pump!
Somebody had their thinking hat on that day!! They are just over 25% of the way through a campaign called 100 pumps in 100 days. Click here to learn more about that campaign.
Of course there are other groups including Blood:Water Mission that are focused on well projects in the developing world.