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This is a terrible idea. In theory, it would work. In practice... it would be much to easy to apply too much heat and kill the CPU. Keep in mind, the die is attached to the substrate via solder. I can't believe nobody has tossed up the most obvious solution here... Coollaboratory Liquid Pro.

And yes, it works and it works well. In fact, it is the best performing TIM you can get today. Just don't use it on aluminum.