thousands of people use liquid cooling, not necessarily water. if you have the pipes on good enough with good clips to hold them on, youre good to go! but there is always the possibility of the pipes slipping off of the sleeves, and/or pipes bursting. in that case use a non-coductive coolant in your cooling system. there was a LAN party in montreal a month or 2 back, one of the master system builders had his enitire computer (except the monitor, keyboard, etc) in a freakin aquarium!! when the reporters asked him what he used to fill the aquarium with, this was his reply... petroleum-based non-conductive fluid. poke around here
and it should be fairly easy to find that article.
if you are worried if the pipes will burst or something of the like, then find a non-conductive coolant. it will not short out your system, meaning like water it wont fry your computer.
Programming today is a race between software engineers striving to build bigger and better idiot-proof programs, and the Universe trying to produce bigger and better idiots. So far, the Universe is winning.
- Rick Cook