I guess it depends on how you use your computer. If you typically let it just idle and surf etc and occasionally put it under load for brief periods then it might work. The wattages published by AMD are for load not idle.
But if you think about it logically then if the peltier takes say an hour to chill a small amount of water to 10C, and the CPU stays under load constantly generating MORE heat than the peltier is generating cold, then the water temp is going to just keep rising. And rising and rising until it hits an equilibrium. I wouldn't think this is a good solution for a system that is folding or otherwise running under load 24/7.
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