I do have a cooler, a Evo 212. I could probably do some minor overclocking on air? I really don't want water cooling and all this crap.
With 2- and 4-core CPUs from Intel, the bottleneck in cooling is neither radiator size (if we talk about at least typically sized tower style or top blower coolers) nor heat pipes vs. water pipes. The bottlenecks are rather the small die size and the thermal interfaces between die and heat spreader, and between heat spreader and cooler.
Water cooling makes sense if you want to have a huge radiator which allows cooling of, say, 200 W CPUs, i.e. overclocked socket 2011 CPUs, at slow fan speeds. Or it makes sense in extreme overclocking if combined with a chiller.
In other words, watercooling does not help with overclocking if you have to disperse only, say, 150 W continuous heat output, and if you do not chill the water towards or below ambient temperature.
Irrespective of overclocking, watercooling of 2- or 4-core CPUs makes sense in unusual computer cases which happen to have space for pump and radiator somewhere, but no space for the radiator directly attached to the CPU. And it may make sense for certain entirely non-technical reasons.