There are a number of liquid cooling systems that are easy to setup, you just attach the radiator to a case fan and the pump to the cpu. They have no tank to change the water in.

These closed loop systems have a five year warranty and are extremly quiet.

A number of custom build pc companies will put them in for you.

cyberpowerpc is the site I got my rig from.

I have had some bad experiences with condensation problems.
My house has three central air conditioners and every one leaked condensate.
I had pans installed under them with float switches to cut the power if the pan filled.
I had maintenance agreements and promises that it wouldn't happen again.
The water damage got to the point that I had to file claims on my homeowners insurance.
It damaged about 1,000 sqft of carpet, my kitchen and dining room floors, and the kitchen ceiling was damaged at least 3 times.
My insurance company turned out to be not so nice after receiving the claims.
They were going to cancel my homeowners insurance.
Then the air conditioning company finally sent a guy--blind in one eye--out to fix the problems.
The guy blind in one eye found and fixed every last issue, something a whole department of installers and repair people could not do for years.
And I have not had a leak since.
Thank goodness they sent that guy.
When I totaled my cost for this fiasco it was thousands of dollars.

Then I had a new roof installed and had to get the roofing company to come out and fix leaks on three occasions.
I hate repainting ceilings.

Why am I telling you this?
Because I am fed up with water leaks.

Using a water cooler in my i7?
I would have to seal off the water so that it could not get into the case.
If I did that how could I cool the CPU and Z68 chips?
I would install water detectors in the case and rig them to a solenoid that cuts power if a drop is detected.
I would put drain holes in the case and place the PC in a pan so that any water leak whatsoever would drain.
I would put a pressure monitor on the water line/pump to detect any loss of pressure.
I would connect all of the sensors to my home wireless alarm system.
After all of that I wouldn't sleep at night worrying that the thing was leaking.

I had the same concerns about my new $3200 system using a closed water cooling system (Asetek). I guess I have been fortunate, no leaks in the last 14 months and temperatures remain <60DegC with all cores running at 100%. But I suspect one day I will wake up to a water-damaged system beyond repair.

The first time you go to a liquid cooled system it IS scary!!! BUT as long as you do your research and buy QUALITY parts it isn't that hard, too many people like you and I in the pc world do it for it to be a major issue! You can get tanks that are HUGE or tankless systems, you can get tanks that hang outside the system and tanks that fit inside the system. You can use green fluid, red fluid or just about any color of the rainbow, even clear! I think most people use a color so they can SEE if flowing thru the sight glasses. You WILL need to change the fluid, just like you change your radiators fluid, but not as often as your radiator! You can even mount the tank remotely, ie in front of the a/c unit, and run the tubing to multiple pc's if you'd like to get adventurous! BUT the MORE tubing the higher the chance of leaks, the same with too LITTLE tubing too!! The connections must be good and tight but the tubing must not be crimped or stretched! The devil is ALWAYS in the details!! Get it right and you will have MANY more GHZ to OC with, get it wrong and new parts is the result!