The effects:
(sadly, I lost the pics of it being used on one of the newer PCs we were cooling, this was an old board we were testing on. The temps, btw, were around -2 degrees F in this pic)
The box and sauter were very strong and hardly effected by tempuratures as shown here when we poured LN2 in it.
All in all it worked great, after smoothing out the bottom of the copper block we didnt even need thermal greese or anything. Issues with condensation were practically non-existent, the copper walls were too cold to allow ice on them to melt, although most of the equpiment we were working with was laughable by today's standards. Mostly I'm focusing on making a suitible box for applying dry ice.
Also, if you are too lazy to make a box or cant apply it to your processor well, a simple heatsink minus the fan will give similar results, just slap the dry ice on it, however you will probably have issues with condensation and the effect wont be nearly as great.
(this is on an amazingly old IBM, we tried this just to see if dry ice applied to a heatsink would work)
(sorry, blurry pics again)
Hope this was of some help, best of luck!
P.S - The comment about CO2 extingushiers and producing dry ice from them, it would work but wouldnt be that efficent. When they make dry ice, from my understanding, its compressed to a liquid then released into a low preassure room. Part of the liquid boils but it takes away heat from the rest which causes it to freeze into dry ice flakes. This is then compacted into blocks.