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You can probably go at least 5 and maybe 10 times the power on the load
resistor if you put it in some water or oil. Many times that if you have
liquid nitrogen.

NO!!!!

Most metallic conductors are Zero-Resistance at cryogenic temperatures.
So, a wire-wound resistor may drop off to near-zero in liquid nitrogen.

The liquid nitrogen was mainly a joke to the extreme of cooling. However if
enough power is being used, the resistor its self would be heated to a more
normal temperture and would be way above the temperature of the nitrogen.
This woudl bring the resistance back up.