I did pretty much the same thing. I have a lot of space above the computer, but just a couple inches behind it.
My case came with a 120 fan on the back, and had an opening to mount one on the top. so I changed the back fan to the top, exhausting out. When I put my 212 in, I mounted it vertically with a fan on the bottom pushing air through, so my top case fan could pull it out the top.
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Just to add a bit to the science lesson: the molecules in heated air will be farther apart and moving faster, making it less dense. If you blow up a balloon and put it in the refrigerator, it will shrink--because the molecules of air have moved closer together, becoming more dense.
In a sealed environment, the hot air would "rise" because it weighs slightly less because it's slightly less dense. This is how hot air balloons work.
http://www.youtube.com/watch?v=77Ej_Ayugxk
Basically if you had no fans, then it would be a much better idea to have the opening on the top of the case instead of the side. However, any computer fan will have more then enough muscle to overcome any of this air density stuff.