In reply to Mesoraven:
Is it for yourself/fun or paying customers? If the latter then there's quite a few difficulties and and most zips have someone at the end to take the person off. If you want them to get themselves down then as andy said something like a grigri or preferably something with a panic lock would work but you're relying on the customers being competent/sensible enough not to ram themselves into the water too fast or in the rush of adrenaline forget all their training and for example hold the rope above the device instead of below before opening the lever and burn themselves.
As far as I know there's no device that does it automatically but if you find one then it would be of interest. The difficulty is making a device that lowers people at a consistent speed for varying weights, varying rope widths, when the rope is wet and dry and when the rope is new and shiny and older and a little fuzzy. That's a lot of different conditions for an automatic device to cope with. A fat man on a shiny new rope is very different from a small child on an older, wet and fuzzy rope.
In terms of having them stop in the right place you'd need stops on the zip line, again different weights of people will naturally settle in different places on the zip line unless you have stops to hold them in position.
I imagine there's a lot of major issues with crossing a lake re. planning, waterways access etc. but it sounds like a cool idea. I'm not sure the idea of people splashing around in the water trying to undo carabiners is ideal.
Just rereading your post maybe you mean just like a drop from the zip into open water? If it's paying customers you might struggle to find something suitable. There's lots of quick release buckles and such like but I wonder whether you'd find any that were suitably rated for climbing loads and I guess getting the depth and height right would be quite difficult. The shallower the water the greater liklihood of someone heavy hitting the bottom and the deeper it is the greater the liklihood people will need to be rescued i.e. rescue boats on the water. The shock of falling into cold water from a height could be difficult for people to deal with and sounds relatively dangerous to me.