The water is not for cooling, (my mistake) intended however to help keep the metal flakes from flying around (mainly into you eyes).
The saw I was referring to is the double miter, designed for framing, Italian.
I am sure the other methods will work, however you will find metal is in many cases as much as a good wood frame, if you are off just a tiny amount on one of the cuts, (thus the double miter saw 2 cuts at once), then you frame will not lineup and you will have gaps. The framing saws will allow you to free up both hands to hold the frame as they are foot operated, unlike other saws which require one hand to pull down the blade.
In my area, most people don't attempt this without the correct equipment, however I am sure with practice the other methods will work, just watch your eyes, (use protection)
Paul