Well from what i read it is more like a gel and is a blueish color. it does stay cold by acting like a heat sink and transfering heat to the coolest areas. basic heat transfer. but it doesn't actually come in contact with the hdd's moving parts. the article also suggests that a seal be placed around the seam of the hard drive so that no leaks accure. again this is kinda iffy on the submerged gel cooling because its expiremental.