The oil that is being used does not conduct electricity. Most large transformers are filled with oil as are large electrical breakers (28.8KV and up, I used to work in a very large electrical generating plant, everything was filled with oil!).
Somewhere in the dim distant past, I recall a BP6 that was not only submerged in oil but the oil and the BP6 were located in one of those small "bar top" freezers to super-cool it! The oil had a very low "pour point"(pour point is the lowest temp that the oil will flow at).
I know that they "reported" some very promissing over-clocking results but before the results could be published the website suddenly vanished, never to be heard from again!
Lemme see now, I got a spare modded BP6, 2 modded NEO 370's, some RAM laying around, a spare vid card, sound card --- now if can just convince my wife that I REALLY NEED that neat little freezer that I saw on sale at WalMart