Radiator coolant has many jobs (some obvious, some not so):
To raise the boiling point
To lower the freezing point
To absorb energy quickly from the hot engine
To carry energy from the engine to the radiator
To be easily mobile and non-adhesive (flow quickly from one place to another without a layer sticking to a surface)
To be able to dump that energy quickly while in the radiator
To protect the metal surfaces from oxidisation (rust/corrosion)
To inhibit galvanic corrosion (pitting) from dissimilar metals in close proximity
To lubricate and condition the rubber seals and hoses
To carry/suspend debris so that it doesn't sediment in places
To minimise cavitation effects of the fast moving water pump blades
To neutralise any acid/alkaline conditions caused within the fluid over time
To minimise chemical reactions with other coolant types (to a degree)
To remain electrically conductive throughout its life
And others not related to engine operation such as bittering agents, colouring etc
There are probably more, but this is all I could think of in 3 minutes.
Someone already mentioned that plain water is one of the best coolants known, and that is pretty true. Trouble is that water doesn't provide any of the other advantages listed above.
Coolant actually absorbs heat best when the outer surface of the cylinder liner develops short-term micro-bubbles (like your kettle does just before it boils proper). It needs the water component mixed in for this to happen.