I have enough parts and pieces to try this out. http://www.pugetsystems.com/submerged.php
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Definitely not practical, but it looks freakin' awesome! I change out hw too often to do this, but it could be fun. Make sure to post up some pics!
Edit: What would happen if you cooled the oil? Would you have any risk of condensation?
They offer a cooling option, however its insane expensive..
http://www.pugetsystems.com/aquarium_cooling_module.php
Also mineral oil eats away at capacitors.
2. Won't the mineral oil eat away at the rubber, making capacitors blow or components fall apart?
Answer: We've seen many variations on this question. Some people say the motherboard will fall apart, others that the acrylic tank will dissolve away to nothing! In reality, we have seen absolutely zero effect. All components are perfectly intact, and the system remains rock solid. The only impact we have seen is on adhesives -- the label stickers on the memory came off, and the adhesive backing on the weather stripping became useless. However, it seems somewhat selective. The label stickers on the video card and motherboard are just fine. But to answer the cries of doom and gloom -- we've seen no indications yet. All the rubber seals are intact, and the capacitors are completely unaffected. It seems as if we'll be able to run this system for quite some time, if not indefinitely.