In the early 1990's a team of scientists and engineers from the University of Michigan and NASA decided to find out. Using a freon coolant as their liquid, they conducted a series of boiling experiments on the space shuttle during 5 missions between 1992 to 1996. And indeed, they found some intriguing differences between what happens to boiling fluids on Earth and what happens to them in orbit. For example, a liquid boiling in weightlessness produces -- not thousands of effervescing bubbles -- but one giant undulating bubble that swallows up smaller ones!
Despite its entertainment value, this research is much more than a simple curiosity. Learning how liquids boil in space will lead to more efficient cooling systems for spacecraft, such as the ammonia-based system on the International Space Station. Knowledge of boiling in space might also be used someday to design power plants for space stations that use sunlight to boil a liquid to create vapor, which would then turn a turbine to produce electricity.