Oh, sure! but I have to warn you before...

it's causing dependence... once you started, you will always want more and more... - and you will end up spending a lot of money on it...
So, watercooling was invented (actually just applied) in the computers for better cooling efficiency. The water can take up way lot more heat than air. But still, you will use air to cool down the water - at the radiators. The way how it works is that you have a cooling block (on the components which producing the heat), the water going through it takes up the heat, then takes it to the radiator where it will dump the heat (giving it to the air going through the radiator). You have to do a careful calculation when planning the water cooling loop, to find the balance between the heat production on all your components and the size of the radiator for dissipate the heat - so, basically, first you have to decide on which components will be water cooled.
There is a good intermediate solution for cooling, specially when you want to watercool only your CPU - the closed loop kits, like the Corsair Hydro series. The H80 and H100 are very efficient if you can supply adequate airflow through their radiators. These are also cheaper that a full custom loop... however, those are black... - so, you want to go for a custom loop?