Okay let me try and put this subject to a close. I did some testing, and found that styrofoam boards did help in
dampening the noise from my full tower case. You can find the results
here I did not have a sound decibel meter to test how well the foam worked, because my RadioShack one did not go below 50db. I just ordered one that reads as low as 30db, and also received some generic form of dynamat samples (tar on plastic) from two companies and will wrap up everything in the near future.
If you look at it for face value, anything you add inbetween your ears and the noise producing source should produce a reduced/muffled sound. In otherwords, the intensity has been reduced.
As for tempurature, I found that adding foam helped because I could better direct the flow of air. So while the ambient case temp increased, my component temp decreased (this is good).
I'll post here with my findings (price/performance/application/etc) in the near future....