Why would you bother with water? If you want to do submerged cooling, use mineral oil. Sure, it doesn't cool as well as water, but it does a decent job, and doesn't negatively affect any of the components. Hardcore computer uses a standard water cooling setup, with tubing, rad, and blocks, but uses mineral oil and then uses the entire case as the reservoir, so the memory and misc gets cooled too. With a high-flow pump, large-diameter tubing, etc, you should get similar cooling on the CPU, etc, and improved memory and misc cooling, plus no risk of damage from a leak. Plus it is far cheaper than even attempting submerged water.
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