I have actually looked into Oil submersion cases for several years and done some tests with them as well.
Ive never had the guts to drop 1200 computer system into a vat of oil, mostly that once you do, it takes ALOT of clean up afterwards and voids about every warranty there is.
A good site that has made custom cases for oil cooled systems is:
http://www.pugetsystems.com/submerged.phpThey been doing it for a while and has gone from a modified fish tank to a fully customized case.
You can drop anything into the oil except anything that has a physical motor that spins. So Fans, Hard Drives, CD/DVD Drives, etc. You can drop in the motherboard, SSD, CPU, RAM, GPU, even the PSU (the fan is only to cool the heat sinks in the PSU). Plus you wont get shocked.
So you could get a big plastic tub, put your system into the tub and start filling the tub with oil and it will keep working. You still need something to circulate the oil or you will get hot spots and the oil will start to heat up. Now you put your rig inside a big aluminum box with fins and that would keep it "cooler".
The site above will have some nice videos that may impress you.
-elrodvoss