It should do OK, but recognize that these were meant to work with air (non-forced air at that). That means they were meant to work in an environment where convection from the surface to the air was a limiting factor. As such, they have considerably more surface area than you would need with water as your convection medium. Of course, they were also meant for a lot lower power dissipation than you're likely to have in a high end CPU.
Bottom line? It would make a neat looking jobbie if you enclosed it in a clear acrylic pipe and will do OK, but "OK" is probably 5-10°C warmer than the "best blocks" using equivalent flow rates. Sealing this into acrylic could prove non-reliable. If you put it into a metal enclosure, you lose most of the cool points for looks.
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