well with standard water cooling, the temperature of the water never goes below that of ambient room temp, as the water is aircooled itself... so condensation is not a problem.
with cryogenic systems however condensation IS a problem, and the socket/chip/waterblock is usually insulated with neoprene rubber.
obviously more complex and risky, but the rewards are greater.
Excuse me for a moment. I need to drive my ergonomic wheely chair over a sheet of bubble wrap!