Rubbing alcohol is possible, but it's not the best for a couple of reasons.
1) Isopropyl alcohol (what is in your rubbing alcohol) doesn't carry as much heat as water.
2) It can eat up some types of seals, leading to leaks.
3) It evaporates easily.
4) It may not prevent galvanic corrosion (dissimilar metals actually causing each other to corrode).
The best bet seems to be distilled water with water wetter added to it. Do NOT use tap water because the dissolved stuff will precipitate out and clog up your system.
Do a search on alcohol and water. There have been some good posts.
Good luck!
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