Well I made sure that when cutting out the sides of my cab I was exact to get an airtight seal..... I was wondering this same thing, since I am putting an xbox 360 in my cabinet, but I ultimately decided against it. Here is my thinking:
1) Fans are LOUD, no getting around it, and they get really dirty. I don't want to deal with the additional noise and cleaning.
2) cabs are really leaky, I figure with the amount of space in there, plus the holes in the back, plus the leakage around the coin door/ joints, there will be plenty of air flow.
3) The PC and Xbox both have heat sensors and will shut down before any damage is done. If it overheats and shuts off, I'll add fans later.
4) If it all melts down I really don't care. I got a refurbed 360 for 100 bucks, the PC was a P4 that was free and I have another one on hand in case that one takes a dump. Storage is so cheap, I have the hard drive cloned. If the xbox takes a dump, I'll get another one for cheap, and if the pc explodes, I'll just swap it out with the new one and then add fans.