Mythbusters didn't take the idea right off the bat, but there was a post about Tom's hardware doing this as well. Although the article on Tom's was good, it wasn't as detailed as I would have liked. Turns out both put the hdd and the cd/dvd outside of the case. In the vid here it is in the top enclosure next to the cd/dvd and in Tom's it is also outside of the oil.
I took an old apple case, tore out everything and salvaged some parts to be the base. Now I need a power supply, tank and the oil. I have everything else. I also have an extra power switch and led so I can rig it up on the outside. Some silicone is needed as well. On Tom's they did say use the silicone to seal the cpu.