CMOS gets faster as it cools - the wires are less resistive and the mobility of the carriers in the transistors improves. Voltage changes get you more bang for the buck (in terms of performance improvement for percentage change), but if you cool a part down enough it will run pretty fast... if it works at all - if there are any marginal race conditions, then they will be exposed by the low temperature and the chip won't work at all. Since you can lower the temperature a lot more than you can increase the voltage (and still expect the part to work) extreme cooling is effective for increasing clock frequency substantially.
BUT thermally cycling at really high differentials is particularly hard on the package - and to a lesser extent the silicon crystal itself. The solder bumps of the FC package are subject to substantial shear stress and very quickly metal fatigue of the bumps can introduce reliability issues. In addition the crystalline structure of the silicon chip itself will start to see defects due to the thermal expansion coefficient differences between various layers, for example, the copper wiring and the silicon dioxide in the interconnect layers. Metal fatigure is likely to strike first and the chip may simply stop working suddenly after only a few thermal cycles (from ambient to LN temperatures), but even if metal fatigue doesn't kill the chip, the crystalline defects introduced will result in the chip running slower over the long term. Bottom line: I really wouldn't recommend doing this, but if you want to anyway, try to minimize the thermal shock to the chip.