Peltier cooling is very inefficient in both electrical use and cooling effect. it is 'cool' though. hahah, get the pun...ah, never mind.
http://en.wikipedia.org/wiki/Thermoelectric_cooling
they are also very expensive to purchase. fin's reef carried a thermoelectric line for awhile. you can still see the pic of it in their banner. i forgot the name of the thermoelectric chiller but it was something like $1500 to have the ability to chill a 100g tank. and i think the temp pull down isnt even that great. dont quote me on that, i have to do it from rusty memory. it is expensive compared to a compressor chiller.
building your own chiller is definitely doable.
$100 for a 5000 btu a/c unit (1/2 hp or so) if you get them in the summer on sale
$300 - $400 or so for the titanium exchanger
$200 or so for an ac guy to attach the ti exchanger to the ac coils (unless youre pretty handy yourself or have a friend who can do it for a couple of beers)
$200 for a temp controller (assuming you dont have a controller already)
bottom line $800 to $900 for a 1/2 hp diy chiller...which is about 2/3 of the cost of a new 1/2hp aqualogic.