Copper has a lower specific heat capacity than water so it would reduce coolant efficiency.
Just to clear up a common misconception:
For a waterblock or radiator you are looking for thermal conductivity. The best materials known are diamond, silver and copper in that order.
For a coolant you are looking for specific heat capacity. The best materials known are hydrogen, helium and water in that order.
Heat Capacities for some common materials:
Code:
Material Specific Heat Capacity (J/(kg˚C))
Aluminum 900
Copper 390
Glass 840
Iron 450
Marble 860
Wood 1700
Water 4186
Mercury 140
Hydrogen 14304
Thermal conductivity for some common materials:
Code:
Material Thermal Conductivity (W/m-K)
Silver 406.0
Copper 385.0
Brass 109.0
Aluminum 205.0
Steel 50.2
Lead 34.7
Mercury 8.3
Glass 0.8
Concrete 0.8
Cork board 0.04
Wood 0.12-0.04
Also I found a handy report on the specific heat capacity of transformer oil / water mixtures:
Code:
Concentration Specific Heat Capacity (J/(kg˚C))
20 2319
25 2436
50 3022
75 3608
90 3959
Note, that's concentration of water, not oil - as the amount of water is increased the specific heat capacity increases. Pure water is more efficient than any mixture.