I got watercolling, and it is awsome. Granted, I'm still at 100F with it, but it is a rather cheap water cooling sdystem. Thermaltake Aquarius II. I know someone ealier said they have it, do you like it? I have only one radiator and use the basic waterblock for it. If I added a second radiator and got a new (better) waterblock it would run alot cooler. My buddy has a water cooling suystem that is pretty elaborate (It's external, I'm not sure which one it is though) and his CPU is at a cooool 86F steady.
Nubius, as far as you go, there are a few things to take into consideration when installing it:
Remember to set it up outside of the machinre and let it run for a while so as it can flush itself out. Anythign else, I'm sure the manual can tell you or you already know.
One big thing that alot of people overlook and many do not know what to do about it, is vaporlock. That is a terrible thing. If you do not know what it is, it is when there is a very large airbubble in the system the is completely obstructing waterflow. There is a certain way of setting things up in order to easily avoid vapor lock, and, as you know from some of my other posts, I am not the greatest at putting some instructions into words. If I were there, I would be able to show you. The easiest thing to do to avoid that is to get someone that knows fluid systems well. If you know your fluid systems, or saying to yourself "I already know all this crap" than just ignore me. But I dont know if you knwo it all so I'm telling you.
What I would do is get several radiators (at least 2). Get a GPU coller, and a chipset cooler. I cannot recommend what types of waterblocks, as I still have the stock one and have yet to do my research on better ones as the funds are lacking.
www.overclockers.co.uk is a real good site for people who are doing any sorts of extreme cooling.
Also, dont eliminate your case fans. You still need airflow, as there are small components that need to be cooled that are not connected to the system.
I'm a big faan of having my system as cool as possible. I do not even OC, but I stilll have 11 or 12 case fans AND the watercooling system.
Good luck in your venture.
The air conditioner thing, it would not be cheaper. Easier depends on the person. Think about it... How much would it cost to run an air conditioner at all times when your computer is on? That racks up really quick. There are small A/C units that you can put in your computer to cool it. When AMD first hit 1ghz, they used an internal A/C system. I would assume that it is very expensive though.