It is one of those innovations that appear so obvious in hindsight, IBM is poised to release their Ivy Bridge 3D processor that is powered and cooled via liquid metal. IBM's Bruno Michel leads the research in what he believes will address many issues, mainly reducing the power needed to cool systems.
Two fluid networks of vanadium drive the processor. The concept takes many silicon wafer layers and stacks them on each other sandwiching the fluid networks in between. The liquid metal then replaces the need for the wire interconnects. One fluid network carries the electrical current needed to power the CPU, which the second carried the de-charged fluid away. As the vanadium discharges, it collects heat from the processor's transistors. In other words, the Ivy Bridge 3D processor acts like a like an automotive radiator.
Since what powers the processor cools it as well, Michel's team estimates that a 80% reduction in air-conditioning power would result. No word on how the liquid flows in the CPU, or what happens when the computer starts leaking.
Side note: Bruno Michel's IBM page states that he is an avid tap dancer.