I've been considering doing something like this for a bit as well - these three sites are full of useful information (at times in German, I add - but images regardless):
Here,
here, and
here.
The important thing to note before you do anything is the way the oil can go up the inside of cables - it's called the capillary effect', from memory. This means that if you aren't careful, your container will drain via the inside of a cable... In any case, it's explained on at least one of these sites.
As for smell - one of these guys has had the same oil for over a year, without too much smell. Admittedly, the container has a lid

Mineral oil can apparently damage the motherboard - forget exactly why (something to do with the chemical composition).
Overclocking apparently works really well - especially when used with a couple of fans to keep the oil circulating (silently, of course, as they are in the oil).
The big issue is (obviously) that removing the components from the oil leaves them coated with it
My brother's just got a new machine, so when I get the old Celeron 433, I'll see how far I can push it in oil - might get a machine that isn't dog slow
