Well, I have been considering this for a long time now, except using heatsinks to cool the pelts. Get a slew of 80W pelts, hook em up in a little array, and slap a massive Al HSF on there. I was thinking of mounting this to my Lian Li PC-60, just right on top. You would need insulated tubing and all that, but you could even set up a PWM to control the pelt power consumption. Your CPU would be in no danger if they failed (well, it might get unstable if you have an extreme OC), but it wouldn't fry. Make a large WB to clamp to the pelts and heatsink, and you would have some chilly water with 3 or more 80W pelts.
The way I see it is this:
Advantages:
- Controlled power consumption using PWM
- No danger of CPU meltdown when pelts fail
- Can use as many pelts as desired, on-CPU limits to 1 (or rarely 2)
- Can dissapate heat through large heatsink (or secondary WC system)
- Much easier to build than a phase-change or similar system
- Most likely quieter than phase-change depending on method of pelt cooling
- No need for radiator
Disadvantages:
- More inefficient than phase-change
- Need insulated tubing
- ???
I would have already started work on this, but I have been unable to find an affordable power supply to fufill my 40 amp needs

! I am considering building my own, but even that path is costly.
If anyone has done something similar, I would like to see it. Otherwise, I would like to be the first to do it!