I was looking at water cooling myself but after a bit of research I found unless you build your own custom made system (expensive enough) there will be no gains as to using a good air cooler like the Thermalright or Noctura over the pre built water systems.
I'm using the Titan Fenrir Pro and I can't fault it,socket temps never went above 48° at 4.0GHz on the phenom 555 b.e and it cost me €50 delivered