Well the only real issue here would be how would you cool the Liquid once it was completely submerged??? Ok so you figure out some pumping mechanism, well oil is thick and i think that conventional pumps might have issues with that, so you might have to find some pump that would work with oil, which i am sure there are plenty. Secondly, at that point, why submerge the whole system when your basically doing the same thing as just having a conventional liquid cooling system. It would be cool to just do anyways, i'm not saying that, but after a little while, whatever fluid you decide to use will get warm over time and need some way to cool, and you'll need a BIG cooler and a large amount of air to cool all that liquid. LOL, wait i got it, find some way to get a water pump or oil pump off of a vehicle and then get a radiator and hook up an electric fan, (two would be better) and you'll be set. Seriously, that would be cool.