Yes, the water-cooling works very well for PC's but I would only recommend this for if your going to intend to over clock your CPU, otherwise air-cooling would be just as good. Remember though, please don't just have water cooling if your going to install this, you would also need good air flow within the case as the CPU is not just the only thing which gets warm or hot.
I would have the water-cooling attached to the CPU and MB chipset only, or the PCI Epr X16 as well. Then have a few beefy fans, which pumps a large amount of air though. Not the pants ones. The airflow all has to go in the same direction, sucking from the front and then blasting it out the back.