Water Cooling is a great cooling mechanism, but it can cause major flaws. If you're water cooling breaks, it has a good chance of destroying the inside of the computer because water conducts electricity.
Either way I think Water Cooling is neither great nor a necessity. Use fans, they are old school.
Vasuki, that is a warranty. You don't get insurance on your computer. The warranty provides full replacement if the computer fails by an accidental cause. I think that water cooling is neither a necessity nor a good thing.