I am more of a front-end geek than a backend geek (id est: I like to program and design; I don't muck with hardware and OS's and networks unless I have to).

Having said that...

You do not want a watercooled system, no matter how geeky it is. My best friend (a backend geek) has one that he put together. He did a bang up job, it works great... and he hates it. He learned they are way more trouble than they are worth. The set up is bulky, the hoses get in the way in the case, you run the risk of getting your hardware wet, and when it is all said and done, you still have to deal with the heat. All the water does is move the heat, so you have to figure out a way of cooling the water down. Most use radiator with air blowing over it.... which is what the water system replaced! (seems reduntant, eh?).

If you want to maintain your geekiness and up performance and bring down the chill... go with a peltier.

If you still want to do the fluid thing, just sink your entire box into a tank with circulating chilled carbon-tetrachloride. Any and all heat is instantly wisked away, and the fluid is non-conductive, so the electronics do not care that they are in a liquid. Of course this chemical is poisonous and unstable so you should wash your hands after handling.