I'm an old overclocker, had watercooling too, for years. I'm a bit out of the loop with modern bits as my current pc (athlon xp-m socket a) has been so good i've not needed to upgrade it other than hard drives.. but i'll be getting a PhenomII, watercooled soon... used consoles for gaming the last few years, but consoles are too expensive now so i'm back to pc gaming.
anyone thinking of watercooling, don't buy an all in one kit, they're invariably crap. make your own setup using the proper parts - most of my original w/c loop from the early days (first used on a thunderbird athlon 850) is still in use and will only be changed with the next rig because i need a new waterblock to fit the new chip and graphics, my pump is way over its MTBF hours, and i'm moving from 2 car heater matrices to a top of the line XSPC 120.3 rad.
thinking about silver plating the new cpu & gpu blocks.. cool experiment and it's got to be worth a degree or two

e2a: saying that overclocking reduces component life is a very common (and mildly annoying after you've heard it for the 47 billionth time) misconception. Component life is governed by heat. If one stays sensible with the voltage, and keeps the temperatures down, overclocking will not shorten the useful life of a CPU. You can kill a component by going too far on the voltage no matter how much you cool it, but kept sensible this will not happen.
Chip 1: 1.4ghz Athlon XP-M1600 Thoroughbred B. Absolutely standard, but running 72*c at load on a crappy heatsink in a crappy case - component life - 2 years of reasonable use
every 7*c you remove from that temperature doubles said component's theoretical lifespan - this is why my XP-M (Chip 2) is up from 1.4ghz @ 1.350v to 2.74ghz @ 1.8v on air (it was at 3.1ghz 2.0v on water - max that chip can handle is 2.3v) has been on 24/7 since the day i built it 4.5, nearly 5 years ago, and spent the first 2-2.5 years of its life at constant 100% load, but never went above 40c on water, 47c on air but yet still works fine.