Yes it "works"...ofcourse it works (it will cool down your chip), but the question is: "how well should it work?"
The concept is pretty well imho (although if the "grooves" part is above the core, then the fins wont dissipate much heat).
But i think it's very important that you can "guide" the water into the grooves, because -unless you use some kind of nozzles, the water that needs to get away will disturb the incoming water so performance will drop. (that's what i think ofcourse)
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