En teamxbox esta la explicacion de la refrigeración liquida:
Be Cool
One of the surprises we found when checking the Xbox 360 innards was its cooling solution. To keep things quiet and cool, Microsoft has designed a liquid cooling system that dynamically adjusts the flow of the liquid and the speed of the fans depending on the temperature and power consumption.
This intelligent approach has allowed Microsoft to build smaller console by removing the traditional heatsinks found in most computer and replacing them with a combination of fans and liquid cooling. This combo is more efficient and keeps the processor at a lower temperature than the original Xbox, which is a remarkable achievement considering the higher clock speeds and power consumption that the new Xbox 360 hardware has in comparison with the old console.
Not satisfied with that, Microsoft has also used a high-end technique that allows the system to turn off the cores when they are not being fully utilized. So let’s say you are watching a DVD movie or just listening to music, the system will automatically turn off the two cores that are not being used for the console to consume less power during that time.
En resumen: usa una combinacion de refrigeracion liquida y fans.
Tiene un sistema inteligente que regula el flujo de liquido y aire segun la temperatura/consumo electrico y apaga 2 de los cores del procesador de acuerdo a la demanda de poder. Si solo se esta viendo un dvd o escuchando musica solo usa un core y cuando se juega usa los 3 cores.