Lapping and water sanding are two way different processes. First of all I'm not at all certain why you would want to introduce water to a CPU. There's no guarantee it's even water-resistant, let alone waterproof. Lapping, like you would do to the intake and exhaust valves in an engine head uses lapping paste. Something more akin to jeweller's rouge would be more appropriate for a CPU. You simply put a dollop or two of the rouge on a flat block of steel, preferably stainless and a couple inches thick, and swirl it under light pressure until you get the desired effect (affect?). You would use the same process with a heat sink. When it's all done you simply clean off the lapped piece(s) with 99% alcohol.