[citation][nom]zak_mckraken[/nom]Pretty much, yes. Not only that, but water boils at 100°C (212°F). I'm not sure I want my GPU to get that hot.[/citation]
That's not the way it works. The boiling point of water might be 100C, but measured Temperature is generally a measure of AVERAGE kinetic energy, not a fixed absolute value. Water left outside in a glass will eventually evaporate, even though the outside temperature is nowhere near 100C. This is because while the average temperature of the water is basically the same as the air temperature, a few of those water molecules (out of the whole bunch) absorb enough energy from the environment to reach that boiling point and evaporate out of the glass.
In anycase, I'm pretty sure this is the same as Saphire's Vapor-X coolers, which I have been fairly happy with in the past. I bet Saphire wasn't the first to do it either.