Water cooling requires a little more than "basic" nstalling/maintenance/modding knowledge as far as computers are concerned. It's basically like running a fish tank as far as responsibility. You must constantly check it, clean it, maintain the system, otherwise your fish(computer hardware) will die/fry.
All you have is a pump, a reservois, tubing, water blocks, and a power source. You fill it with water/coolant/anti-corrosive substance, and the ump constantly cools the components of your computer. the water passes through the waterblocks (often aluminum or copper) that are in direct contact with the hot partsfo your computer. as the water passes through the hot metal, it cools it and draws het awway from it, therefore cooling off the hot hardware the waterblock is attached to. it is the ncycled through the system by tubes nad back into the reservoir, whee it has time to cool back off before it starts the cycle over again.
Leaks are the main problem, and kill computers. Your PC + water = dead. cracked pumps, leaky/loose tubing, too much presure, all lead to leaks. Also, you must change out the water routinely just liek a fish tank. Every couple months should be OK, but more if necessary. thats what the anti-corosive chemicals are for.
That's as basic as i can make it, it really is ALOT more advanced/complicated than air cooling, an you cna't just install it an leave it. Eventually you must replace tubing, sometimes reservoir, if your pump dies you have to replace it as well. So jut be prepared.
I would advise alot of research before you buy a system and start using it.