Umm... actually guys there would be a net benefit to switching to 240V, but I'm not for sure if it's worth the hassle and having to wire a new outlet on 240 just for your comp.
The wattage (heat) being generated will not decrease significantly, as most of the heat generated in your computer does not come from the PS, but from the components (Vid card, CPU, Northbridge). It will, however, decrease by about 10% or so(rough guesstimate). Your PS putting out 5V at 40Amps will still incur 200Watts of power AT THE COMPONENTs. Inside the PS, it's only incurring more around 1.5 amp draw at 120V and therefore (Power=Current X voltage applied) 1.5 x 120=180Watts. Now, if you use 240V, it would look more like this: .6 amp draw which would be: .6 x 240=130 watts. Do you see the correlation between the increase in applied voltage from the wall and the direct amperage draw? That's your efficiency gained by a higher applied voltage through the PS. It will marginally increase again at 480V, but then it's just a moot point with the amount of amperage drawn by a computer because it's not enough of a current hog. Essentially you won't help your heat a whole lot(negligable), but you can help your utility bill if you run a high-powered system. You would need to buy a standardized (yes, these are cheap and off the shelf) PS plug that has the 240V plug for the input. These will not be the same outlet style that you have in your You can find these on your hardcore electronics supply house websites, but not many of the retailers because 99.99999(infinity)% of people in the USA would never consider this, let alone actually try it. Hell, at 1000W, your PS can shave 20% of it's draw (and heat an entire room up 5-6 degrees warmer without good circulation in the room). How many of your other appliances that run as much as the PS draw that much? Answer: not many, and only for short periods.
Paperdoc- You're typing up all this techno-babble to basically say that you don't know what you're talking about (or as most people do on here, you haven't really stopped to read the question and be thoughtful enough to understand all of the potential issues BEFORE you speak). I do industrial maintenance for a living working on all kinds of electronic controls. We recently had machines that pull over 800Amps at load on 240V(at the service disconnect-not in the machine) and then we switch the same machine (this was a Six Sigma Project that resulted in verified cost savings of over 30%-Category 1 electricity cost) to 480V, boom.... load drops to almost half of that amount with the same power supplies and controls staying in the machine. Just had to flip that "switch" that doesn't do anything according to you. Oh, and we had to incur the costs of rewiring the machines and associated controls, but our C/B ratio was still over 30% annualized, so we went with it. Don't put on the blinders and focus on only one aspect of the issue-expand out and think of other potential benefits. To do otherwise is missing a lot of opportunities that can save you work/money/sweat, etc.
With your house already wired for 240V, you CAN do this. SHOULD you do it? I don't know about that one. You'd have to do some math to figure what your amperage draw is with your current load at 120V, compare it to your estimated draw at 240V, then make a decision based on that. My guess is that it won't make a big enough difference to justify wiring your home office/bedroom with a 240V outlet, but that's just my $.02