For your first system, I'd recommend a kit from someplace like dangerden or even DTEK. But stay away from kits that are from anywhere but those two places, because most of those systems like the one your looking at; the evercool, the aquarius, etc... usually perform worse than good air cooling. The only reason I say to go with a kit for your first time is I remember setting up my first kit, and my stuff was so mismatched, it performed like crap. There is a lot more to setting up a watercooling sytem than just grabbing a bunch of parts and throwing them together. If you don't want to go with a kit, then here is what I would suggest, after having gone through 4 radiators, 5 pumps, 3 cpu blocks, 2 gpu blocks, and 3 reservoirs, trying to get things just right.
First off, go 1/2" ID on everything, or you'll be kicking yourself later like I was.
Pump: Danner Mag3 - very good pumps and very reasonably priced $50
CPU Block: DD RBX $50 or DTEK WhiteWater( I like the swifty 6000, but they need a monster pump to be effective. Not good if you are planning on putting in a GPU Block as well, cause it will KILL your flow rate and head pressure).
GPU Block: DangerDen Maze 4 $45
Reservoir: Bayres $25
Tubing: 10ft 1/2" Tygon or Clearflex(I personally like clearflex better and it's cheaper) $15.00
Radiator: DTEK Pro-Core (you can get a heatercore for cheaper, but by the time you paint it, cut off the old fittings and put new one's on, it's worth it to spend the extra $20) $35
Fan: Panaflo M1A 120mm $15.00
Radiator shrouds are NOT optional, make sure you get one from DTEK if you order the pro-core. $10.00
Clamps, fittings, misc: $15.00
That will be an awsome setup, I should know, I've tried them all
However, I would budget in about $300 for a good setup. All that stuff I just quoted you comes to $260 without shipping.