Ask Colorado if they think that it's a good idea. This was basically the premise behind allowing California access to their water supplies and now it's become huge problem.
Water rights are indeed a huge issue when either the source location or the usage location is lacking in water. For those of you who don't know, water rights are an entire segment of law that are litigated daily out west. Water rights are bought and sold, along with the subsequent lawsuits over who actually owned the water in the first place. There have been lawsuits regarding an individual's right to place a barrel and collect rainwater when they did not own the water rights associated with the property that they lived on.
I own property, yet I do not own any water rights associated with my land. Those rights belong to the local ditch company. If I were to set a pipe or dig a trench out of that ditch, the Sherriff would arrest me for theft. I have to buy my water from the water company, who buys water from the ditch company. Ditch companies actually patrol their ditches for this reason.
In fact, there are large tracts of historical farmland that exist unfarmed for the sole purpose of sending the water rights somewhere else.
From a geography standpoint, Colorado is divided in half and water goes two directions (look up continental divide). Far more water goes west than east. Water rights are so convoluted, that the State of Colorado itself is divided by water rights. The entire front range of Colorado does not have enough natural water to support its population (Denver, Colorado Springs, Fort Collins, et al) and has a pipeline and reservoir system that pumps water from the western slope of Colorado to the east side of the state (front range plus the farm land between Denver and Kansas). When in drought years, the western slope has to go on water restriction in order to provide enough water for the eastern side of the state even though absent human intervention the western slope would have enough water.
This is where California and Arizona come in (all downstream states for that matter) because they have an interstate compact requiring a certain amount of water be sent downstream from Colorado. In other words, people downstream get their water by bypassing the people where the water comes from because of legal agreements that are older than most of us, written by people now long dead, and so inflexible as to not account for natural changes in water availability. Of course water being affected by gravity happened naturally before humans ever got here, so is messing with nature the best course of action?
So, now that we have installed pipelines and diverted the water so that more people can live in southern California and the front range of Colorado, who legally gets the water rights?
(hint: I am not a lawyer, so I can't tell you. What I can tell you is farmer joe is selling his land and water rights to provide for his family. What now happens to the farmland without water? Man-made dust bowl a century in the making, anyone?)