Originally Posted by ala_xfire

The intercooler pump circulates coolant between the supercharger intercooler( mounted on the bottom of the SC unit ) and the heat exchanger radiator. If it does not do it's thing properly, then the intercooler heats up and a sensor causes the supercharger to disengage until everything cools back down below the sensor lower limit.
The IC is there because the act of compressing the incoming air by the supercharger heats the air up quite a bit and it needs to be cooled back down before being delivered to the intake manifold, else the air fuel ratio goes to crap, besides the fact that hot air does not contain as much oxygen as cool air.