@ cloim
With a 5 gallon bucket as a reservior, you can make the pvc stem as short or as high as you'd like. 1 foot would be fine.
Just make sure of a couple things:
a) make sure there's ample space above your water level for air circulation from the lid mounted fan and up the pvc pipe (3-4 gallons in a 5 gallon bucket).
b) remember you're going to have to refill the water supply in the bong, so don't go placing it too far out of reach for a "refill gone wrong" catastrophe.
c) there's no obstruction above your pvc stem, because it can re-condensate water droplets onto an obstruction, soaking it. Maybe place a 90 degree fitting on the top if need be.
Personally if it were me, instead of placing it on a shelf with the computer, I'd make a hanger bracket or small shelf for the bucket, making sure that the waterblock in the computer is of a height somewhere between the bucket bottom and the showerhead...just so that the head of the pump isn't pushed too much.
Oh, and "Lake effect snow warning here from 11am today until 5am tomorrow". We expect 5-10" of the foul white stuff.
Our ice storm came and went without too much problem, the kids got a 3 day weekend though.