De-ionised water works OK
Back in the early 80s I worked on a radio transmitter that used water cooling. The water was de-ionised because the main source of heat was sitting some 10Kv above earth so needed a fair bit of plastic tubing between it and the the rest of the system. The only snag with it was that pure water freezes at 0C 'on the money' and Murphy's Law being what it is there was a cold snap over the Christmas break that froze up everythiing. (You know what its like -- you dream of a White Christmas but all you get is mud and maybe a bit of slush.)
I've also used informal water cooling on the loads used to test high power audio amplifiers. (Its a high falutin' way of saying "put the load resistors in a bucket of water".)