Well, it's possible, but you have to keep in mind a few things:
1-You'll still have to isolate for condensation. Why? because condensation is a phenomenon that occurs under a specific temperature differential, but is affected also by the level of humidity. i.e. the more humid it is, the more likely you are to encounter condensation. If you live I Canada (where I was) then it's probably not much of a worry, but if you live in a coastal city (like Houston, TX, where I am now) then it's an issue. Either way, you should always isolate for condensation, or at the very, very least, use some conformal coating (at your own risk).
2-The obvious solution is to run a simple power supply composed of a transformer, a bridge rectifier, and a few good caps. This will get you the basic current, and if you select your components just right, you'll limit the voltage ripple to under 10%, as is required by a Pelt. What you do then, is replace the transformer with a variac (a variable transformer) and voila: you have a really cool looking big-ass knob (like in "Back to The Future"), and make all your friends envious.
3-Given #1, you will have to find the exact voltage at which the Pelt will give the exact amount of cooling you need.
4-Given #2, you'll have to keep in mind that the GPU's temp will vary, and will require a varying supply to be provided by the Pelt. Given #3, you should then understand why you would want the power supply to do this automatically, because if you set your big-ass knob a little too high, then exit a graphic intensive game, you're facing condensation, and it will happen faster than you can say it.
The Rheostat is not likely to be available, nor practical, given the high power demand of a Pelt (someone prove me wrong here, please!)
You should find out the power output of the GPU (I'm sure someone here knows it!). Then you pick a Pelt than you can use at 80-85% of Max (for energy efficiency's sake), to compensate for that power, but keep in mind that the heat transfer between the GPU and Pelt is not 100% efficient, so you should pick something a step more powerfull.
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