Hello,
First of all, this is how my PC's internal look like. This picture was taken at the time of assembly of my PC.
http://imgur.com/a/5MyZV
As you can see, most of the PC is covered with that huge Cooler Master Hyper 212X heatsink. I cannot even install a M.2 drive as the port is right under it and installing an M.2 drive will mean no air will reach that drive to cool it.
This Hyper 212X was purchased around 4 years ago. I want to replace it with a water cooling solution which can handle my 65W CPU as well as a 95W CPU too as I want to give some headroom.
Which one should I go for? I was thinking that a 120MM radiator based water cooler will be enough for me.
Why can't I see that picture? IE takes me to IMGUR, which has other "picture" links, but nothing for yours.
So I'm a "cooling obsessive," "Water-neurotic" enthusiast who thinks regular full-tower cases are too big, mid-towers just right, and smaller cases without sufficient possibilities as I want to imagine them.
When you say that the Hyper 212X, EVO or whatever is too big, I'm just stunned and flabbergasted at the assertion -- not yet having seen your case and hardware.
As others mentioned, you can always get a low-profile heatpipe-cooler from at least a few different makers and models.
I wouldn't even consider water-cooling for an i5-7500 because it isn't even a K processor. That definitely makes many heatpipe coolers like my TR LG Macho beyond simply "overkill."
I might test the Intel cooler for that model, and it would be perfectly fine. I might use a CM 212 Hyper/EVO/X-whatever, and it would be great.
Here is a thought about water-cooling in general, not written to inflame the devotees of an established art-form and marginally the best choice of a cooler for only that purpose and reason.
With a range of the K processors -- my 6700K a firsthand observation -- you may reach a practical safe-limit to voltage before your temperatures and peak-package reach 85C -- provided that you have just enough cooling. "Just enough" likely includes dual-fan 240mm radiator assemblies with modest reservoir.
But you can improve on just such a cooler by maybe 5C degrees by re-lidding the processor with CLU and using an $80 heatpipe cooler. Well -- there goes the art-museum.
You also eliminate possible failure-points, even if there's a slimmer chance of a leak or a pump-failure than you might guess. I can only say I've spoken to at least a few people who lost a Titan card or a motherboard for a leak. Not many -- just a few.
Then, there's the maintenance of distilled water and possible additives, flushing and the inconvenience of flushing and refill.
Those costs will be recurring and regular.
If you transfer your computer in a car facing pot-holes, you had best remove a "super-heatpipe" cooler and fans weighing about 900gm or more when preparing for the transport or shipping. How often will you do this on a regular basis? Do people still go to LAN parties?
My Skylake air-cooled "Porsche" is about as good as it gets, unless I chose dual-240 rads and something like a dual-Laing-D5 reservoir-pump combo.
All that being said, I'm just guessing that a 120mm rad would be great. How about a CM H80? Maybe even an H60? Even for those, you might actually find better among AiO offerings.
One of us here built a Devils Canyon with an OC reported at 4.7, temperatures between 68 and 75C, and use of an H80 cooler. It was ducted and removed from the inside case panel by some few inches with long screws and dual-sequential fans. Can't remember for sure, but there may have even been the pusher fan opposite all that. The CPU was unmolested by any CLU-relidding option.
So what good will a water-cooler do for you with a non-K, (non-overclockable) i5-7500? If you ever upgrade to a K AND overclock, you would still have a feasible choice between air and water, and a smaller case discouraging "Big Air" would also discourage water-cooled possibilities.
What is it for you -- the Bling factor? Could that be the reason I didn't see "AiO" in your post?