My 2 cents...
I've been running a dual xeon rig water cooled for about 2 years. The sole reason was I use nice condenser mics for voice over work, and the CPU/hard drive fans made that impossible.
So the entire thing (CPUs, GPU, and 8 hard drive coolers) is all on water. Two separate loops, one aluminum for the drives, and one copper for CPUs and GPU, running with large rads with 4 120mm fans running at 5V (two fans per rad). It's quiet (much quieter than my laptop).
I have a raid of 15K drives, and combined, they put out darn near as much heat as the Xeons. Water cooled, they are cool to the touch.
Mort had said "Usually those machines contain very important data", well, one of the boards in this machine cost me $3000 (yes, three thousand). Needless to say, being my first try at water cooling, I pressure tested everything with an air compressor before I filled it, and leak tested everything for two days before applying power.
I once tried to make an air cooled computer quiet, and roasted it. Bigger fans running at lower RPMs don't produce the noise.
Anyway, not trying to talk anyone into watercooling. It was expensive and a lot of work. But, if you take the time, it is quiet and very reliable.