All depends
1) How much you want to spend
2) If you are running overclocked
3) If you demand silence
You can get a very quiet CPU cooler and GPU cooler for around £80, Thermalright Macho HR02 (should fit in your case) and say a Gelid Icy Vision for your graphics card.
The next step above that really is a 3x120 radiator, and 3 or 6 fans, that alone will cost you both heatsinks for gpu and cpu above, then you need a pump, and tubing, and water block for the cpu and gpu. Then you can add a reservoir, you probably want a silver coil, and you have the problem of leaks and such.
IMO, stuff doesn't generate enough heat these days, apart from heavily overclocked GTX580, 6970 SLI/ crossfire configs, GTX590 and 6990 and 1366 or 2011 socket CPUs.
The TDP otherwise is too low to require water cooling.
This is coming from someone who had a water cooled X1900XTX card (when it was the fastest money could buy) and an overclocked Opteron 175 CPU, back in the day before the E6600 etc was released. It was good for its time, and still works great, but it is super overkill, even for 90% of enthusiast systems, IMO.
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