-78.5C is the sublimation temperature for Dry ice. However since its a solid, I'm not so sure how you would apply that to the CPU. You'd need to chill some fluid that was liquid at that temp and use it to cool the die probably which is less effcient then bolting an evaporator onto your CPU.
I'd guess dry ice is probably a little better for very short term cooling (and remember to open the windows so you don't suffocate), but completely impractical for more then a few minutes to a few hours (depending how much dry ice you have).
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