Techgage posted a review of Zalmans water cooling system, the Reserator 1 V2

Water cooling has a lot of benefits. First off it's more
effective, water removes heat close to ten times better than air. Secondly it's generally quieter, this is owed to waters better thermal capacity and the fact that the radiators used have way more area than a simple HSF does. Today we take a look at an un-traditional water cooling system that's about as quiet as you'll ever get. . We are also taking a look at the optional fan kit to see if any differences are made (there isn't).

Zalman Reserator 1 V2 & Fan Kit Review