Well, it is quite obvious that water-based compounds will dry out in minutes.
Water has relatively bad thermal conductivity, thus the conductivity might possibly even increase after the "burn-in". Though, I don't know what will happen when the stuff starts molding(or is it moltng?). Also as STEvil said, corrosion will be a problem. Not for me though, as I can relap the CPU and HSF when needed, and they won't be used for 24/7 anyway.
I think I will run some GPU testing aswell with my GeForce (OC'd of course.

). 3DMark06 run should take the GPU to the max.

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