It'll definitely work, its been done a lot and people have had some good results by cutting up some older CPU coolers and using them, most notably, as Northbridge or southbridge coolers.
You may have to shave some of the top off, because those would be some tall ramsinks if you just left it that way!
All in all, go for it. Don't forget to be careful when applying your choice of epoxy, as Arctic Silver Epoxy has been known to short some pins if you don't apply it just right and it gets on traces or memory pins. I believe there is a non-conductive option that prevents this entirely, however I forget what it is - someone will know however.
Bump!
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