Let me start out by saying I'm a carpenter by trade and insulation, plumbing and electrical home wiring are all things I'm experienced with. My idea is to place the whole cooling apparatus in my basement and plumb it up to the first floor. The insulated cooling tank could be constructed three feet off of the floor on a platform directly below my PC setup so the water need only rise six feet. The only part of the project I am unfamiliar with is the refrigeration unit. For now this is only in the planning stage and I'm not sure when I'll have the cash or time to do it.
For the tank I will use a 50gal plastic chemical storage drum cut in half which I can get for free. We use these all the time for refuse barrels. The rest of the stuff I can also scrounge up for nothing.
The whole idea for me is to have the system out of site and be able to run with only the PSU fans and the couple of tiny fans from the "ultimate harddrive coolers" sucking air onto the harddrives as intake, Low noise is the key. Of course overclocking is on my mind also.
Dissolved, right now I can reach 2.5Ghz stable for a few hours but I have to have the voltage up to 1.9v and temps are upper 50'sC at load so I haven't ran it any longer than that. I do run all day and night at 2.4Ghz with reasonable temps, so that's where I'm staying for now.