In the Nevada desert, beneath a bone-dry lakebed, real estate projects are flourishing thanks to an ambitious water project by a private company. With a 45-kilometer underground pipeline, Vidler Water Resources is bringing water from a remote ranch area straight into the rapidly sprawling northern suburbs of Reno -- a gamble that could prove lucrative in a region regularly hit by droughts. But local farmers and environmentalists worry about the long-term impact of these water transfers. IMAGES AND SOUNDBITES ARRANGED IN SEQUENCES