Okey, to make the long story about AC short, here it is, Ur right, the refrigerant is compressed in the compressor (a pump) when in gas state its very cold. Now air is suck and blown into the evaporator (inside the room chamber), heat exchange happens the gas turns into liquid (hotter than b4, hence sucking the heat out of the air) and then cool it for a while in the condenser (outside the room chamber) and into the compressor again.
:/ Now, as the cycle repeats, air gets colder and colder...Good for the room if used as room airconditioning. But, if used as CPU Cooler, Not good for the CPU, As U can C, Blowing very cold air inside ur case might cause corrosion (If that's what you intend to do with your AC). (Water has a slightly high dewpoint temperature) THE DEW WILL KILL YOU!
There are other ways to cool ur PC using refrigerants.
Don't do anything with your AC and your PC.
TCBIL is cool go to this site
http://www.blargoc.co.uk/reviews/prometeiapt2/
Try to focus on the Heat generating parts of the computer...Ideas to make it cool.
CB-Byte
H2O Gear
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With all the trimmings...