Probably not, it would make very little difference and almost certainly be quite impractical. Mounting it on some sort of stand so that fresh air can circulate (you can buy stands with fans & LEDs) is a better idea, but not great. The best way to siphon off heat is using water, but mixing that with electrics is a dangerous game.
I haven't really had any weird ideas to improve performance, I just run CCleaner and Defraggler regularly and go to services and make sure nothing is running that shouldn't be at startup. I remember someone once told me that they met a kid who had built his own computer and was perplexed at the amount of noise the fans were making. He had four fans in there to keep the CPU cool but it was still hitting a temperature of around 88 whilst idling.
Anyway, it turns out that the kid had got the units wrong, and his CPU was actually 88 Fahrenheit, not Celsius, which probably makes it one of the coolest CPUs known to man.