A phase change cooling system like  the Prometeia Mach II 
GT essentially works like this: the compressor pressurizes a gaseous  refrigerant into liquid 
form, which causes it to rise in temperature. The liquid refrigerant is 
sent to the condenser (a heat exchanger) where it is cooled 
down. 
The liquid refrigerant is then forced at high 
pressure through copper capillary tubing into an evaporation chamber, which is a 
low pressure area. There it evaporates (changes from from liquid to gas) back 
into gaseous form and absorbs latent heat in an endothermic reaction. The now 
heated gas is then pumped back into the compressor to be turned into a liquid 
before proceeding to the condenser again to dump its heat. 

The evaporation chamber in a phase-change cooling system like the 
Prometeia Mach II GT happens to be the block of copper which is attached to the 
CPU. As the chamber decreases in temperature, it absorbs the heat energy from the 
processor below it, lowering the chip's overall temperature as well.
Acoustics, fans, 
pumps, and just how loud is a phase change cooler?
    Despite 
what you may assume, a phase change cooler which comprises of a 
refrigerator-style compressor and pair of DC cooling fans, is not loud. When 
the Prometeia Mach II GT is first turned on, the compressor runs at full load (which produces up 
to 41dB of noise according to ECT) until the cooling head reaches its 
booting temperature. Once the head hits this temperature mark the system switches to 
normal operation mode (35dB) and the fans run at about 50% speed. 
   The 
Prometeia Mach II GT can connect directly to your computer via USB, so can 
also adjust the speed of the front and rear fans to increase/decrease the noise 
level further still. The compressor generates a low pitched hum that anyone in 
the western hemisphere is familiar with, 
and so it blends nicely into the background.
   Overall, 
you will have a noticeably louder system with a phase change cooler running than 
you would with a stock heatsink. On the other hand, it will be much 
quieter than any mid-level overclocking fan on the market.