No, but it really depends on the water bottle.
Metal and plastic containers will usually explode because the expansion of glass when frozen is too great for the container to handle. Safer materials such as styrofoam or ceramics can be used for safe mass production. I remember my mom having an insulated travel mug that we filled with water and we put in the freezer; kind of like a mini ice maker. You could even use something like a thermos if it insulates well enough to prevent condensation from freezing inside then popping it open later when you want cold drinks with built in insulation!