I live in MI, about 15 miles from the college that built that (oddly enough). Also, winter is coming up so keeping that cool wont be a problem for the next 6 months. and if you leave it in a large room in a basement, i don't imagine it would get too bad.
another thing you could do is over clock it a ton, then set it in your garage (mine is insulated just enough to keep it above freezing in the winter) then decimate all in whatever race is taking place. Also, then i wouldn't need to use my space heater if i want to do some woodworking out there or something.
UPDATE:
I was able to price it to 1200$ shipped with a brisbane 65W 2.1 ghz cpu and only 1x2gig ram per mobo since anything more for BOINC stuff would be pointless.