No, this is not some b.s. Or at least one that will last long enough to get he or she filthy rich. Well, although nitrogen cooling would probably do well, it's hardly feasable for you and me to have in our homes. Yet, there are other ways to prevent a chip from getting hot.
Heat sinks are one such example of using simple physical principles to keep temperatures low.
My simple idea is that if we use cold water to engulf the whole heat sink, then a greater amount of heat can be generated without as great a rise in temperature. By only engulfing the heat sink, we ensure that there is no risk of a short-circuit. Since water has a much greater specific heat than air, this will keep the heat sink cooler, and thus the chip cooler. As the individual water molecules heat, they will rise in the water container, letting convection currents assure that the coolest water will always be circulated past the chip. Finally, a cooling agent in the water will also ensure that the global temperature of the water does not slowly rise and rise to boiling point, which would of course be a big mess.