Since the heat produced is proportional to the sq of the voltage its not surprising they would need liquid helium at these frequencies. Over clocking cooling requirements get out of control very quickly. The single most important thing is the interaction between the CPU and liquid. The slower the random velocity off the liquid particles, the more kinetic energy they can absorb from the CPU's high velocity particles.
The main mechanism of heat production in general is where the charge that charges and discharges the capacitor goes though the resistance between the source and drain of the transistor. So faster switching means more heat.
Another reason for all the heat is the same reason we hit the 4GHz wall with Pentium 4. Ideally as the transistors shrink they offer us alot more computational power while only requiring moderate increases in power. But as some point this relation eroded. At higher frequencies there is more leakage current that add more heating so its a disaster. It's moot i think, 10GHz was never physical possible and multi core and advanced architecture have done so much. My 7950X completes my sha512 checksums of 300GB of large tiff images in 11mins vs my i7 870 that takes over 4hours!!!!!!