You get heat conductive plates and attach them to the componants your cooling - then attach pipes and a pump. The water is moved past the heat plates and moves the heat with it. It usually ends up in a cooling tank after this. Then it goes aorund again.
Yep its a constant flow of cool water passing warm computer hardware, then carrying the heat away. The better the cooling system the cooler it is and the faster your water will be pumpet carrying heat. This can get very expensive.
It sounds too expensive to me and it may need alot of attention for maintainence. I would rather go with the traditional cooling fan. Thanks for the clarification.