This was a subject of more than one masters thesis at Arava Institute: Red-Dead Project.
Basically, Israel and Jordan want to build a conduit connecting the Red Sea to the Dead Sea, in an effort to grow stronger ties with one another, as well as prevent the depletion of the Dead Sea and allow Jordan more access to water they can desalinate. Now it looks like its really happening. That's good for Jordan, because their water supply is not so sufficient, and maybe its good for peace, too. Here's the problem, though. The Red Sea and the Dead Sea are totally different waters. Mixing them is probably not so good for the things that live in them, and all along the way where the conduit will be built. So much hangs on the line. I'm pretty against it. Maybe Israel could just desalinate, bottle, and donate water from the Red Sea to Jordan at production cost. There's your peace cooperative, Jordan gets water, and the environment isn't hurt anymore than what damage has already been done to the Dead Sea. I think sometimes in trying to undo the damage we've already done to the environment, people make things worse. Let's just stop doing any further damage until we figure the world out a little better (that will probably never happen).