Hello, I'm not the most knowledgable person on this topic but for the most part I know a little about both considering I've built systems with both forms of cooling. Water cooling is an efficient, fun, and sometimes dangerous route to go if you don't use the right precautions. If you go water cooling my best advice is to buy 100% Non-Conductive coolant. As far as TEC cooling goes, it is even more efficient than water cooling depending on the TEC unit. The one problem with TEC cooling is that these units are capable of freezing temperatures and can cause condensation right on your CPU. Not my idea of safe, but there are precautions you can take like non-conductive silicon or special foam inserts you can surround and cover your unit with to keep moisture out. Other than that method, there are controlled TEC units that cycle the power it gets to keep the unit above ambient temperatures to keep it from creating condensation. You'll never freeze your CPU like that though, something I feel is a very interesting task to accomplish. You can find nice cheap water cooling solutions for around $100 up to (breaking the bank). TEC units, if you buy them seperately from a retail kit, you can find them pretty cheap on ebay. I just found, and ordered, 5 TEC (peltiers) on ebay rated at down to -16 degrees celcius at only 5 volts for $5 a piece.
I hope I've been some help, and I'm sure there is people here that may know more about the specifics, but this is a start.
So me personally, I would go with TEC...
Spyder
