I think immersion in oil is a bit too much, i mean... if you need to open up the case to check something your hands will get all greasy... attracting flies.. ants and other insects to go take a swim in your rig , not to mention the smell..
I think it more applicable and not much more expensive to get a water cooling system for your GPU and CPU ..
Besides, i'm sure you can get 60% or more of the possible overclock out of a chip on AIR cooling.. spending 1500tt extra for exotic cooling ain't worth it in my book when weighed against the overclock i can already squeeze out on good air cooling.. and i don't mind noise...
Anyhow you take it running a processor at high overclock and voltage will kill it faster than normal , i know lots of stories of A64s and P4s dying after a year or so overclocked , that or the motherboard just fries from stress...
Go for it if you want.. but i don't recommend it.