Well, I do that. But I'm not sure what exactly you're asking. You'll ferment your lager at 50 degrees for about 2-3 weeks, usually. I fill my cooler with water and one frozen water bottle submerged in there (it does float in the water) keeps it in the 50 degree range and I just change the bottle as needed.
After fermentation is over, and the beer has been racked, that's when the lagering begins and I like to decrease the temperature until it's at 34 degrees. At this point, the yeast is no longer working, and you are lagering to clear and condition your beer.
There is a picture in my gallery of the "Yooper Lagerator" that I came up with, so that I can lager in my basement without a fridge.