Cooling the ferment will probably slow it down a bit, and might improve the results, depending on what style of beer you're brewing, and what sort of yeast. From what I have read, many yeasts develop estery or banana flavors at the higher end of their optimum temprature range. Buy some of those color coded temp strips for your fermenters, they are the easiest way to monitor the temp of your progressing brew. Oh, and the wet towl thing works well, and if you want even more cooling, face a fan toward it to increase evaporation.
O, guid ale comes, and guid ale goes,
Guid ale gars me sell my hose,
Sell my hose, and pawn my shoon -
Guid ale keeps my heart aboon! -- Robert Burns