Heatpipes have been widely used in CPU coolers, and they seem to have worked, an Athlon 64 x2 can be run passively in the right case, with the use of a Scythe Ninja, coolers like the Accellero also use heatpipes to cool the GPU.  The last place on a motherboard to introduce heatpipes is the Chipset, although some manufacturers have started applying this technology to their motherboard coolers, it is more in the effort to spread the heat out and share it between heatsinks instead of making a dedicated chipset cooler with heatpipes .... until now.

The Thermalright HR-05 is a chipset cooler with a single U shaped heatpipe to extract heat from the chipset.  This heatpipe then transfers heat to the fins that are packed further up the cooler, thus creating a larger surface for the heat to be dissipated from, and hopefully, better cooling.