@Solandri
The specific heat by itself isn't really what's important. What you care about is the thermal conductivity of your cooling solution and the temperature delta. Now, thermal conductivity will be related to the specific heat of the coolant, but even if conductivity is halved with nitrogen, the temperature delta will be way larger, so it will be a more effective cooling solution.
Also, the heat of vaporization is largely irrelevant, as water coolers don't rely on phase change. You'd have to let your CPU get to 100 C. Unless you're talking about a heat pipe which is in a partial vacuum, but in that case the energy of vaporization is different anyway.
Not that I'm recommending liquid nitrogen/helium cooling. As far as consumer PCs...