Similarly, there are many ways to cool the wort after the boil is complete. The
faster you cool the wort, the more complete the formation of the cold break (proteins
that precipitate during cooling). Some use an ice bath in their sink or bathtub
where the hot kettle is placed. Others build or buy an immersion cooler (wound
copper tubing) that they place into the wort and then run tap water through the
coil to cool the wort. 
The most efficient way to cool the wort is with a counterflow chiller CFC). These
consist of a copper tube within a tube. The wort runs through the inner tube while
the tap water runs in the opposite direction though the outer tube. The CFC save time
and water. Add a pump to push the wort through and you can drain five gallons of
wort in 5 minutes and have it at fermenting temps and ready to pitch the yeast.Put the CFC, pump and aerator together and you've just shaved an hour off of your brew day. In all, the parts will run about $250 if you purchase them all. The CFC can be built from hardware/plumbing parts and the pump is optional. On the low end side, figure on under $50 for a home built CFC and aerator.
Here's one way to put everything together:
Counterflow Chiller: If you have the $100, go get a convoluted CFC from
either St. Pat's or a Chillzilla from Sabco. Both of these units use an inner
copper tube that's been twisted to significantly increase the surface area of the
inner tube and highly increase the cooling efficiency. The difference between
the two lies in the location of the ports (see photos above). Lower cost CFC's don't have
a convoluted inner tube but work well nonetheless. If you're going to pump your
hot wort, I recommend the high end CFC. For those on a budget, there's the
Fearless Chiller or many others available at most homebrew (HB) stores.
Pump: A pump can be a very handy piece of equipment for home brewing. If
you're going to use one for your CFC remember that it's easy to push the hot wort
than pull it (boiling wort under a vacuum tends to generate pockets of gas that
cause cavitation). Most HB stores carry pumps. Get one that handles 220°F easily.
Aeration Stone: Again, most HB stores carry these items. I like the ones
that have 1/8" NPT threads on the open end. This will make it easier to attach
it in the aerator block. Aeration Block: I made my aeration block from a variety of copper and stainless steel fittings. They can also be purchased at St Pat's (the only place I've found them) for $27. Considering that the aeration stone costs $11.50 and the fittings will cost you at least $10, I'd buy the block next time. However, I had the stone and lots of extra fittings hanging around so I made one myself. I won't go through a materials list, the pictures show how do it pretty well, but it very easy.
O2 Source: A simple aquarium pump will suffice (approx. $15). You can use the O2 cannisters available at Home Depot and similar stores (you will need an inexpensive regulator), or you can use a welding grade O2 bottle with regulator. If you brew once a month, the welding setup will give you an ROI of about 18 months. A typical welding O2 bottle filled to 2200 psi will last for years.
Thermometer: While an inline thermometer is nice, it'll set you back another
$35 or so. You can use your hand to feel when the exit temp is right. If it's
cool to the touch, then you're right near 70°F.When it's all put together, you have CFC/aerator that's works like the ones the pros use. Just start the tap water running, turn on the pump and then turn on the O2. I can pump down 10 gallons of boiling wort to 65°F (the Portland area has cold tap water all year round) in about 10 minutes.
Cleaning is a snap. Just run hot water with some PBW through everything and drain. Sanitize with Iodophor or other HB type sanitizers before each use.