Hey Bondoman -
For about a decade now CPU coolers are designed to roughly handle around 100W of heat - some more, some less but 100W is a nice rule of thumb. Here's a wikipedia with the heat output of different CPUs so as to give you an idea of what your heatsink was designed for
http://en.wikipedia.org/wiki/List_of_CPU_power_dissipation_figures
So can a passive CPU cooler handle a 50W Cree? They don't produce 50W of heat - maybe 25W or so (guesstimating 50% efficiency).
So running without a fan: this is tough to guess at - with plenty of air circulation:maybe. With a fan, no probs.
The tight small fins of CPU heatsinks will not work so well without high pressure air flow, so a traditionally-shapped squat and square heatsink will probably perform much worse in free air than a large flower-fan type heatsink (google Zalman for some ideas - some of those style sinks can definitely passively handle that heat with only gentle airflow).
Ebay also carries some cheap Chinese passive LED aluminium sinks which will work - pretty large, but no fan needed if you have enough cool air flowing around the chamber.
The cooler you can keep your emitter the brighter and more efficient it will be. It'd be a shame to get a nice high-end emitter and run it too hot imho.