Chip (Electronics) Question

[AstroD]

Hello. First, please see attachment. I noticed this from a graphics card. Primarily as a matter of curiosity I'd like to know a) What the purpose, in general, a circuit part like that does (for instance, is it some type of capacitor or current regulator?), b) what could cause it to be damaged like that, and c) what is that discolored fluid-looking substance there?

Thanks.

 

[iMav]

well from the look of it it seems like the coolant solution tht is usually applied between the processor and heat sink to help the procy to cool