Arctic Cooling Freezer 7 Pro is your best bet for cheap air cooling or the Cooler Master Hyper TX, which was like $8 once here in Canada with MIR, if you can find a similar deal wherever you live. The Hyper TX is a Freezer 7 Pro copy-cat, performs almost exactly the same, some reviews say it's even quieter. Good luck btw, I have no clue about water cooling, so couldn't help you with that.
Actually, scratch that Cooler Master suggestion, I remember a friend who had a real hard time with the cheap plastic fasteners, just stick with the ACF7