RedLeader's post really cleared it up for me, thanks!
In short, if we had a body of water standing still, some water would naturally evaporates into the air. This should happen until the air is saturated (100% humidity???).
The bong is a device that allows this process to happen at a much higher rate of speed. It does so by increasing the surface area of the water, and by giving the air some speed/flow.
As Alchemy stated (and quantified by Since87), the energy from the CPU is dumped by the evaporation process.
Now, being in Houston, Texas, where the relative humidity is in excess of 95% through 3/4 of the year, I wouldn't expect much to happen, except having to run a dehumidifier in the house, to compensate!
Gotta move to Colorado, or Arizona!
My next question would be: what's preventing the water from getting below 2-3 degrees under ambient?
Sidenote: the "Little Giant" pump company was established sometimes in the 40's, and was known as the "Little Giant" evaporator company. Their product was a compact pump for evaporative coolers.
They still make that pump.
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