cheap and good water cooler are two different things. $250 or more isnt worth the work it takes to set it up. it involves lots of work, and over 24 hours of testing for leaks. my friend tested his and it ran out all over his system and he had to try it before he put some air cooling into it.
in my opinion, if you're going to spend that much on cooling then you have more than $250 available and you might as well go with phase change cooling... its results are much better, and from what i understand its pretty simple if you buy a good kit for it.
if you're looking to cool your computer though, frozencpu.com is the place to look. imo they have the best and they have anything you should ever need.
try out coollaboratory liquid pro, a cpu lapping kit, and the thermaltake big typhoon. the thermal compound drops temps 2-5C and the lapping kit maybe another 2-4C .. and the big typhoon is an excellent cooler no matter what cpu you have, even just for its simplicity and rock hard installing methods.