it would work very well, I would say that you really only have to move the liquid over areas that get hot (basically think of the liquid like air, use a fan in the same place for both), witht he liquid having better heat absorbtion than air, plus being cooled, your mobo and cards should be more stable.
And actually you just described a cheaper method of cooling that super-computers use. It's refered to as passive submersion. just remember keep the liquid cool via some means, but your freezer idea should work beautifully.
If you ever do it, take pictures and show them to us all. Good luck,
Cryo
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