The Screen Savers on Tech TV, did a little thing with the fluorinert stuff about a year ago. The built a case, liquid-tight of course, that had two chambers. On chamber had the computer in it, the other chunks of dry ice. The only cooling the CPU had was the Fluorinert as it was pumped through the dry ice chamber and into the CPU chamber. The only problem was the flow rate wasn't high enough and the liquid was boiling away before it could be replaced. The fixed that with a jet that increased the flow rate to the cpu. The computer ran fine until the CPU started to get down around 40 F.
BTW, the Fluorinert, and Sapphire too probably, cost over $400 USD a gallon. Kind of puts it out of the range of most modders.