Meet Zac Glander. He's an independent hardware technician and modder, and he's teamed up with Zotac, Intel, and 3M to bring you something special.
See that PC next to him? You're probably thinking, "What is that, oil immersion?" Nope, look closer.
That's a PC submerged in a specially formulated phase change cooling solution, which is non-conductive, non-corrosive, and evaporates at 34*C. The liquid absorbs heat and evaporates. Convection carries it though a 240mm rad with two average RPM fans and a condenser. The liquid condenses, and flows back down into the PC again.
That graphics card is a GTX580 with a special cooling block, running four instances of Furmark. Its temperature when I was there was 45*C. The CPU, an i7 2600k at 3.5GHz, has no cooling block so was sitting at 70*C when running Prime95, but was able to do 4.8GHz at 84*C. Zac did have a cooling block available though, and it should improve performance dramatically:
Zac is currently looking at getting this system out there in integrated solutions for field testing, as the systems can be more controlled and use less fluid, but he does hope that it can be available to enthusiasts at retail at some point. The liquid is ~$200-$300 per gallon at bulk prices, so it definitely isn't a budget solution. However, it has a similar entry cost as water cooling, and the fluid should only need topping off every couple of years at typical loss rates.