That would be pretty awesome. But all this fluff just to make PC more pretty seems pointless to somehow.
(Don't get me wrong, if you like that sort of thing, by all means, enjoy it. My sister's boyfriend has a gaming PC with a big glass window in the case so one can see all the pretty lights quietly shifting around. It is pretty, and I bet it's boatloads of fun to look at when tripping.)
There's a cross-platform, open source project that does this[1]. You can even script it and bind colors and effects not just to CPU load but to any variable (I don't know - maybe requests being served per second)
1. https://github.com/dcerisano/RGB-LED-Motherboard-Header-Driv...
My PC case does not have a window, so I will never know the difference. But it is very cool one can do that!
With Asus's "Aura" application that comes with their new boards you can have the LEDs change color with CPU temp. The default was to set everything to green/yellow/red depending on range but it might be capable of something more complex. The lights are addressable so your CPU idea might be doable I haven't really played with it yet.
So if the lighting in the PC reflected the components busy-ness, that would be really cool. "Why is my PC so slow today?" - "Aaah, the hard drive is shining white - I/O overload!"
Anyway, my PC has a window-less case, so all that beauty would be lost like tears in the rain...
Before, it was primarily LED fans or light strips. Now, motherboards have their own LED line traces. Ram has it's own LED lights. There is also support to control the colors of these components from software.