It's probably not the water-cooled superphone you've been looking for, but Japanese smartphone maker NEC announced the succinctly named Medias X 06E for the NTT DoCoMo network today, the world's first smartphone with a CPU cooled by H2O. Unfortunately, the specs are decidedly middling, and NEC intends to market the device as a "lady's" phone in essentially the same vein as HTC with the Rhyme.
The Medias X 06E packs a quad-core Qualcomm processor clocked at 1.7 Ghz, a 4.7-inch 720p OLED display, and a 13.1 megapixel camera. It comes in two colors, white and pink, and includes an attached light-up faux-jewel pendant. According to NEC, the water cooling system - which works by funneling liquid through a tiny pipe across the motherboard and outwards toward the exterior - makes the smartphone cool to the touch, while also allowing the CPU some computing headroom. Those claims have yet to be tested.
Honestly, the Medias X 06E sounds like some horrible joke. The over-the-top effeminate design and gimmicky cooling system seem more like cries for attention than desirable features. Maybe there's something to feminine superphones, but I'm not seeing it.