Fill an 18-gallon or larger plastic tub with an 8- to 10-inch layer of rich soil formulated for pond plants. Set the tub in an area that receives full sunlight.
Cut a 1/2-inch diameter hole in the side of the tub, just above soil level with a utility knife. Insert a 1/2-inch plastic spigot into the hole. Use plumber's putty to seal the hole around the base of the spigot.
Plant the water chestnut corms 4 inches deep in the soil. Space the corms 10 to 12 inches apart. The corms should be planted in the spring, after the danger of frost has passed.
Fill the container with water until the water level is approximately 3 inches above the soil surface. Leave the container flooded for 24 hours.
Open the spigot slightly so the water drips slowly out of the tub. Allow the tub to drain completely over a period of one to two weeks.
Close the spigot and flood the tub a second time when the chestnuts are 12 inches tall. Leave the tub flooded for the remainder of the growing season.
Drain the tub completely in the fall, 30 days before the first expected frost. Dig up the corms to harvest.