Water is a poor conductor (570 mW/m-K), http://en.wikipedia.org/wiki/Water_%28data_page%29#Physical_and_thermodynamic_tables
but since it is a fluid, it can conduct heat upward using convection. This does not help so much if the water on top is less dense than the water below either because it is warmer or less salty. While there are reasonably strong horizontal currents on the surface, http://en.wikipedia.org/wiki/File:Corrientes-oceanicas.gif
the difference in salinity between the layers of ocean speaks volumes about the lack of vertical currents beyond the eddies caused by the horizontal surface currents. http://www.windows2universe.org/earth/Water/salinity_depth.html
Edit: Regardless of whether we are talking about sea water or fresh water, there is a temperature at which maximum density is reached. Since water expands as it freezes, that temperature is near, but a few degrees above freezing. As the latitude increases, and thus, the surface temperature decreases, we get to a point where the surface temperature gets near to the maximum density temperature of the water. Water chilled by the surface at this point will sink to the bottom. Thus, we have thermohaline circulation. http://en.wikipedia.org/wiki/File:Thermohaline_Circulation_2.png
Edit2:
The thermohaline circulation takes about 17 centuries. If it is responsible for Bond events, that may be more like 15 centuries. http://en.wikipedia.org/wiki/Bond_event
If we assume that the water travels a distance equivalent of 1 earth diameter along the bottom of the ocean in 147 decades, that would be about (4000 m/(147 years) or 27 m/yr.
27 m/yr = 74 mm/day
That clearly puts the current theoretically in the laminar flow region where there is virtually nothing in the way of eddies, and no mixing between vertical layers of water. http://hyperphysics.phy-astr.gsu.edu/hbase/pfric.html
In bodies of water where there is little in the way of currents at the bottom, it appears that the mixing due to motion at the surface loses its power between 600 and 800 meters depth. http://www.noc.soton.ac.uk/o4s/euroargo/argoeu_3a.php
As for the time it takes to move temperature from the bottom of the ocean to the top. consider still water 3 Km deep (ignoring the top 800 meter which would make our hypothertical 3800 meters deep). Assume a temperature difference of 5 kelvins. A cubic meter of water has a mass of 1060 Kg, and a heat capacity of 3.75 KJ/Kg-K assuming a salinity of 8% at 273 K. http://web.mit.edu/lienhard/www/Thermophysical_properties_of_seawater-DWT-16-354-2010.pdf
Using an area of one square meter, the 1060 Kg will be 1 meter deep.
(570 mW/m-K)(5 K) = 2.85 W/m
(2.85 W/m)(1 m^2/3000 m) = 950 microW
(3750 J/Kg-K)(1060 Kg)(3000 m/2)/950 uW = 6276 Tsec/Kelvin
= 73 Gdays/K = 199 Kmillennia to change the temperature one kelvin.
Thus, the temperature adjusts about 7.5 millikelvins from the time the water sinks to the bottom to the time it upwells to the surface about 15 centuries later. http://en.wikipedia.org/wiki/Upwelling