Hmm. Clever to submerge the whole system in oil, rather than just the CPU, GPU, etc. But I wonder if you could just get a bunch of pumps to circulate a large volume of oil across it very quickly, and cool it across a bunch of radiatiors, rather than use fans.
EDIT: But, you may want to keep you HDD OUT of the tank. The fans spinning @ 9 rpm prolly doesn't matter, but your HDD spinning @ a hundred rpm will take your computer, like, 10 minutes to boot up.
If the smallest molecule of anything came through it would nuke the hard drive.