Building Water-Cooled PC, Suggestions?

I have to do a senior project for my school and I decided since I love building computers, building a water cooled computer was the next step.
I know it will obviously cost a significant amount of money, but I am still looking to get the best bang for my buck, especially considering the water-cooling will allow significant over-clocking

What do you guys think?
Complete build if possible

AMD or Intel? ATI or Nvidia? Case? PSU? RAM? Mobo? HDD? Opticals?

Well thats what I came here to ask partially.

Traditionally I have variety picking,Pentium 3 over Athlon Athlon 64 over Pentium 4. Intel Core 2 over Athlon X2/Phenom....varied by whoever was the 'clear winner"

It seems like there is no clear winner this round between the Phenom II and the i5/i7.

I have traditionally been a Nvidia guy, but I hear ATI has been dominate lately...etc.

Budget is tough too.

Keep it as low as possible....Maybe between $1000 and $1500

WC on a $1500, not possible unless you go for an all-in-one package which is going to suck.

I was just putting stuff together and I'm up to over $2,800 and I haven't even selected all the PC components.

$900 for the WC parts I choose + $1,700 for the PC components.

Like I said WC on a budget of only $1,500, not going to do you well at all.

Not worth it...