Probably a short, a bit of zapping and smoke. You might also see a few chips pop.
Unless you can make sure the distilled water stays 100% clean (near impossible) it will have some sort of dust in it that will probably cause it to fry.
Alcohol, same thing.
The only thing I have ever seen a system "dipped" in was this:
https://www.pugetsystems.com/submerged.php
I particularly enjoyed the THG modded PC:
http://www.tomshardware.com/reviews/strip-fans,1203.html
Man this is almost 10 years old? Toms really needs to start doing things like this again. It was fun.
That even reminds me of when it was super important to keep the chipset cooled and we had after market cooling fans for them.