Water cooling isn't huge, and it isn't hard work. Just takes a little time and patience.
 
All you need is a pump, water block for the CPU, a radiator, and plenty of tubing
 
Hook it all up and bobs your uncle.
 
There are other bits you can add such as a reservoir (makes filling and bleeding much easier, but you could just use a T piece at the highest point as an air trap/filling point) and water blocks for your motherboard and graphics card chipsets.
 
It is fairly quiet, but you will still need to have a couple of fans running. Your radiator will heat up, so you will need a fan to help disperse the heat from that.
 
If you have a res, then that too can get quite warm once the system has been running for a while.
 
The pump will only make a slight hum as it operates, so that won't be a problem.
 
There are plenty of water blocks and kits on the market, but I used Dangerden blocks and rads for my setup, and it worked pretty well. I think the rad I picked was a wee bit small to be honest, so try and get something reasonabley hefty.
 
Also remember that bigger rads generally have more twists and turns in them. This lowers the flow rate of the water, so you'll need a bigger pump to keep everything whooshing round.

if it is just for that, get a premade system, most out their are not worth the price, but are easier to assemble as opposed to getting all the parts your self.
 
Myself i am building a rather high end water cooling system to do some mad over clocking!! well over the 3ghz mark, as well as o/c my ti4600
 
so yeah, if it is just quietness - then get a premade system - u may want to run over to
 
Overclockers.com forum
 
http://forum.oc-forums.com/vb/forumdisplay.php?s=75ad70ab6c88867ea3637050946ed043&forumid=71

I'd be interested in some pictures, when you do get around to that project!

to mine, NO worries!! - i will post SO many pics NT compat. will go over it's monthly bandwidth limit..lol
 

 
i dunno i have gotten addicted to mad over clocking and such so fast! - it is very addictive - i must say i have learned a considerable amount of more info then i knew before about systems, mobo's , cpu's voltage etc etc etc!
 
right now my mian focus is on
 
1. O/C'n the cpu / GPu upon getting my water cooling kit getting done
2. Case deisign - light colors - cut out design to make
 
i almost want to take this so far as to enter competitions, and that is another topic, considering i know very little on mad oi/c and case mods, but i already know more then the average joe
 
 
should be an intersting trip!!!
 
i already have me 1.8 williamette @ 2.020 with stock fan and my ti 4600 @ 320 / 729 mem. with stock fan - wait till i water cool it and do a volt mod!!!!! (stock i beleive is 310 / 648 mem for a ti 4600 ultra.))

Well, no water cooling system yet - got back form toronto, but gave my sister $400 - which would of got my cooling system.
oh well.
 
i can get my p4 2.4 C1 stepping chip upto 3.1ghz with stock fan and cooling