You definitely do not want to coat anything that will make it water proof, unless it requires 0 thermal transfer, or you have heat pipes connected to it, under the coating, and its radiating somewhere.
I remember when they tried to make ocz tried to make a graphene waterblock.
We all thought that would be the best thing since copper.
Well, graphene is hydrophobic, means its reject waters.
I am assuming that if it makes the components hydrophobic, it will have the same result as graphene waterblocks, which was a expensive failure because you need contact for thermal transfer.
But i am assuming CorrosionX probably makes a hydrophobic layer, somehow radiates the heat out the system otherwise the components would just heat up and shut down.