A few folks are researching in that direction.
The bottom line is you need to get the heat out of the closed system.
Processor, Voltage regulators and IC always come ot mind as the hot spots, but every electronic component that passes current, generates some heat. That heat has to go someplace.
Here is one interesting approch. Intel Experiments with Oil Immersion Cooling Technology | Maximum PC
Hi and thanks for the reply. I am aware of these developments and it is an inspiring example indeed. This is however a very cost intensive approach and demands a lot when it comes to the server housing and physical location.
What I am looking for is a simplified and more targeted approach. Instead of immersing the entire server, I just want to look at which components need to be cooled. I intend to use similar oil and circulate it through custom made heat exchangers which fit on specific components (take off the heat sink and replace it with the oil based cooling element). This way the heat gets out of the component efficiently.
What I am curious about is whether I need interfaces for the entire server board and all components attached to it, or if I can get away with a simpler approach to only cool specific components.
Another possibility I am looking at is to build a small oil-based heat exchanger (think car radiator, but with oil) inside the server and to slowly circulate the air through this heat exchanger, just for the components which are not as intensive when it comes to heating (slowly as to optimally cool the air, but enough to keep circulation going). Of course in combination with the targeted cooling.
Hoping for some discussion on this topic...