It's a "Heatpipe" type of cooler, it uses the physics of Phase Change to transmit heat. They do work very well (I build computers with them all the time), but I can't see it moving a whole lot of heat in an engine cooling application. You're locked into the problem of the fact that all the heat of your engine eventually has to be transferred to the surrounding air by either radiation (doesn't work well for us), or Conduction (the main cooling mechanism here). Even though the heatpipe in the cooler will draw the heat away, it just dumps it into the cap, and the cap can only get rid of so much heat, not nearly as much as the pipe can feed it.
Great idea....bad plan.
Welcome to the world of Thermodynamics. Next week, how losing a sock in the laundry contributes to the eventual heat-death of the universe.
Dr.Duck