Water Cooling is a very good way to get extreme cooling for your PC whilst minimising noise.
As with alot of things, with water cooling, you tend to get what you pay for, therefore I suggest that you have a decent budget before you look into this option. That said, you can get lucky and find some decent kits that are inexpensive, but obviously, they have their limitations.
As for what brand, Zalman and Vapo Chill are very good.
Finaly your comment about water and electricity. Most water kits can be combined with a non-electricaly conductive solution, similar heat properties to water only without the possability of frying your components if the worst happens.
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