I did'nt think of that. But maybe they could do some research and try an mix nitrogen with other materials to make it less flamable. Like you would mix water with lemon juice to make it less bitter.
now if they cycled the nitrogen through a radiator, then it would work. the thing is, they already do this. look here for stuff that people do: www.overclockers.com (or is it .net?)
The problem with liquid nitrogen is that as it absorbs heat from whatever you are trying to cool it starts to turn back into a gas. You either need a way to recompress and cool it or you have to vent it and pour more fresh liquid nitrogen in to replace what you've lost.
As it happens, your chips are running in a 70% Nitrogen atmosphere right now. Any compressed gas could be used to cool your chips. All of them will soak up heat when they expand back into gas.
You don't need to mix Nitrogen with anything else to make it non-flammable. Nitrogen is a noble gas. It won't burn, it won't rust, it doesn't really like to interact with other things chemically.
If you were cooling with liquid Oxygen, then you would have to watch out for fire. That's how they got the Apollo capsule fire, they were working in a high Oxygen atmosphere and things caught fire that normally don't burn.