Mega powerful thermoelectric cooling using a peltier module is an effective and compact way to remove heat from devices. By applying a DC voltage to this device, heat will be removed from one surface and transferred to the other. If you remove the heat from the hot side using a heatsink, the cold side can be kept at very low temperatures. See our DIY Dehumidifier Project for details. This beast of a cooler can pull a massive 15A DC for those really hardcore cooling projects where keeping something cold is more important than how much power is used.
These amazing devices can also work in reverse. By maintaining a heat difference between the two sides, they will actually generate electricity!