Well as an auto mechanic, lemme say that looks very much like a Radiator/Fan/Pump/Hoses. Looks like a Automotive engineer made it with automotive parts.
Just going off of looks, I would say, I don't like the Plastic Heatsink's looks. Also pinch clamps are bad, but only if they weren't installed properly, I can see poor quality leaking all over the motherboard.
The radiator looks like it might be made of steel and aluminum, I think copper would have been the way to go here.
There doesn't apear to be a pump, so it probably works off of gravity and hot water rising, but since it appears most systems go above 70 C or 180 F, it gets just hot enough to do that.
If the fan is turning it, then it would be moving too quickly to cool the water. I would also say you would want a pressure relief and a coolant resevoir.
Just my 2 Cents because I don't know crap about computers.
Edit: nm, I noticed two harnasses. One is for the fan, the other is probably a very small pump on the heatsink.\
Hrm... I could probably build that using the manifold/HS from a Tuniq type Heatsink and then run a manifold off the heatpipes with hose to a Automotive HeaterCore. Put some kick *** 120 Fans on it and stick the puppy outside. The temps would never go above ambient. JK.