Yes, it is possible to do that. However, the compressor would need to be very powerful and of good quality. Typically a freezer compressor cycles on and off by the thermostat since the load is quite small due to the insulation. Putting a computer in there would impart a fairly large, constant load which would cause the compressor to be running constantly and burnout. If the load is higher than the freezer can handle it will heat up to above ambient temperature. So basically if you have a freezer you could give it a try, but I wouldn't expect much, and you should definitely watch your temps closely
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Good point ... although the cold air is good for electrical it might be bad for mechanical parts on drive as moisture+oxygen equals rust
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I would be more worried about thermal contraction for mechanical parts and possibly increased viscosity for any fluid bearings. Most of the water should be captured by the evaporator as long as you're not constantly opening and closing the freezer. Rust is inhibited by low temperatures anyway.