Well It, any liquid you use, has the ability to ruin stuff, especially computer parts, with oil for instance, it might work for that, but it manages to get everywhere and is very hard to get off stuff, it gets almost sticky when it's heated too. So that won't work. As for liquid cooling, my brother uses a liquid cooling system, it works great for keeping stuff cool, but he takes no risks and runs the system through soapy water every month, completely drains it and puts new stuff in it, and then runs it outside the computer before hooking it up.
Soapy water will sputter and bubble if there is a hole, and since it is easy to clean and is usually not flamable, it works good for the job.
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