MXM, you should check out the zalman tnn systems, they're what you are thinking of.
A heat pipe isn't just a piece of metal,. It's a tube with a wick of sorts. the tube is filled with a water, alcohol mix in a vacuum to lower the boiling point. When the liquid evaporates it moves the heat to the other end of the tube and away from the heat source, where the heat sink is. Once there it condenses and is wicked back to the base.
One guy I saw [when I googled oil filled pc's claims he has one with soy bean oil thats been running for over a year. He has pics on his site too.
I also found what I was talking about in my first post, direct die cooling and using alcohol in water cooling. They both have good result form what I've
seen. phase change is what I was thinking of, vaporizing alcohol off the die [they use freon which has even lower boiling point] and is the best cooling around. it's more complicated then I thought, with compressors and stuff.