HardOCP claims taht they are the first people to watercool their Xbox 360. While I know that they are not the first, they did give a detailed article of the process of watercooling the Xbox 360. The finished product looks pretty good. The temperature of the back of the motherboard with stock cooling was around 151°F, but they were able to cool it to 101°F. I didn’t see if they had numbers about performance gains but with 50° cooling, it should make a noticeable difference in performance.