Temperature vs Clocks?

Im kinda looking at the phase change things now. Probably a bit over my head but im a fast learner. What im not getting is how do they allow for more clocks? Does the lower temperatures change some variable allowing the chip to work better or does it just allow you to run insane Vcores? Or do you just need a godly chip and your just using it to keep it cool?
Question two, if I did take that path im too poor to afford the good ones. Id be getting one of the cheaper systems. Would that be enough to cool a dual core system enough to do whatever it is that they do to raise the clock ceiling?
I have a feeling id probably be better off with water but the whole concept of a massively overclocked dual core system runs chills up my spine. I do not however have the spare dough to hunt a golden chip so does that rule the whole idea out? somone just explain this all please lol.

*I looked in the faqs for anything on the concept, if I missed something point me there*

I recommend picking an amount you want to spend. Look at combinations of CPU + Cooling. If Phase Change Cooling + A Max'd out CPU isn't as good as a Beastly CPU + Air Cooling then you won't want to do it. It's just finding the balance between affording cooling and a processor. I recommend getting a better processor and holding off on good cooling till later, so you can see how it overclocks and wether or not high-end cooling would be worth it.

I'm definitely scheming a plan to experience these cryogenic methods firsthand.........and that Sunbeam from Wal-Mart is on my list after I fart around with this water escapade.

But from what I understand is that they have a leap in technology in the processing realm but lack the knowledge to control its side affects while keeping it compact, affordable, realistic etc... at the current moment.....

Nanotech ...quantum computation.. spin of a quantum dot etc... another leap. I can't wait!

I don't know anything really.

I can afford a decent chip, I was thinking the 3ghz dual core more than likely. Im just wondering how the extreme cooling actually gets you more clocks?
I just dont want to spend like 1200 on cooling. I was thinking more of the 600-700 dollar setups.