Sorry, I see 3 responses for 2 question
To the question of "would it short everything out" was that a yes, dunno, or no?
If this liquid is too conductive, is there anything else out there that would work for submersive cooling?
I don't want to sidetrack this thread so I won't go too into what I was going to do with this server, but basically I have 8 seagate 300gb drives, was likely going to use a Pentium M as a CPU, still need to pick up a RAID card. The gist of this project: It's a music server that's going in a dedicated listening room. Silence is therefore the highest priority (really, the only one). "Quiet" won't cut it. There will be no overclocking.
I just saw that post on Tom's Hardware and realized that by being able to submerge electrical elements (especially hard drives), my whole project just became way way easier (and more cool too