Yeah, I've seen that cooler too... they sell it at a hardware store in Mio Michigan. LOL...
For what you're trying to do, I'd use a dry bag. You can get them at places that sell gear for paddlers (canoe/kayak). They come in different sizes...some with staps, some without. You need to figure out how much space you need and how you want to be able to carry it. The options are endless.
These are just examples of many that are out there...
http://cascadedesigns.com/SealLine
I have a couple dozen myself...LOL
Here is a link to multiple companys that make them...
http://www.paddling.net/buyersguide/...ry.html?cat=28
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