Get a leak in a watercooling system and things can get ugly...However, when one of the Madshrimps guys experienced this using a non-conductive liquid, he found that despite the seeminly disastrous appearance of the graphics card and motherboard, all wasn't lost.The fluid completely evaporated leaving additive residue. These ingredients literally baked onto areas where the highest concentration of heat and voltage were present. Depending on the ingredient and the resulting metamorphosis both a white and/or green residue remained. Heat produced from the card most likely accelerated the oxidation process.
[Madshrimps]