How much thermal paste shouold I put on?

You can get them for around $40.

http://www.petrastechshop.com/2250tec1.html

Keep in mind, these things can consume a lot of energy and produce a ton of heat. Because of this, it's recommended you run a dedicated PSU and cool it with liquid.

Going from the above link, a 226 watt (heat capacity) TEC can draw 25 amps by itself. The heat it produces it 226 watts + whatever your CPU puts out, in the links example, 60 watts. The total heat output would be 286 watts, good luck air-cooling that.
 
Yeah, if I were to get one I'd get water cooling to go with it. It's only good with water cooling because it lets the WC used more of it's potential. I'll get one for my next build, which is going to be i7.
 
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