That's because there is no simple way to state the Second Law. There are two different texts to the law; Kelvin's text and Claussius's text (thanks, Wikipedia). It basically describes how entropy of a system increases approaching equilibrium.
I think the simplest one is Kelvin's Text, which says verbatim: "It is impossible to convert all of heat energy into work." This implicates that there must be some other area of a system where heat energy will be dissipated. This is the premise behind a heat pump (the core of refrigerators, freezers, air conditioners, and anything that moves air from one temperature to another).
As an aside, the efficiency of an engine (i.e., how well it handles dissipated heat) is compared to that of a Carnot Engine, or a theoretical engine with 100% maximum efficiency. This is impossible to create, but the closer the engine is to this theoretical upper limit, the more energy the engine saves, since less heat is being wasted. Most good engines (heat pumps, in this case) have somewhere between 80 to 85 percent maximum efficiency, which is really good.