First, your typical water cooling setup is not designed to handle vapor, so you would have to run some pretty significant mods to get it to work.
Many solvents (acetone, heptane, etc.) and some alcohols will function well as they hover around the liquid/vapor line at room/CPU heat sink temps, however the fire danger of these when heated and kept near power supplies makes that a concern. The vapor from solvents is also not a good thing to be inhaling.
Essentially, you want to keep enough liquid on your heat source to continually boil off, and you need to effectively remove the vapor to your condenser where it is cooled and returned to liquid form. If your heat source dries up, you will overheat, and if you end up pumping liquid all the way through your circuit, you lose the huge advantage of phase-change cooling.
It can be done, and it's not really that technically challenging of a concept, but the practicalities of doing it inside a CPU case with home-built equipment or modded water cooling hardware might be a bit much.