Okay, I guess I need to clarify a little more.
What actually happens in my watercooling system is that the water initially starts out at room temp. For about the first 20 minutes the computer is on, the water is just heating up (I have ~2 gallon reservoir with a big heatercore and 1/2" lines so there is a lot of water in the system). Eventually the water heats up to 32 degrees (how fast it heats up obviously depends upon the cpu load at the time). Once it reaches that temp, it stabilizes and doesn't really heat up any more, regardless of whether you are running prime95/3dMark, etc. My suspicion as to why this happens is that the heatercore, being a large radiator with no fan on it, only works well when the water temp is significantly higher than the room temp (obviously). Hence, at about 32 degrees C water temp the system stabilizes because the heatercore becomes efficient. In this system, any sort of heating or cooling of the water occurs extremely slowly. After turning my computer off, and leave the pumps on, the water will cool down about 2 degrees in 10-15 minutes but it takes about an hour for it to completely cool to room temp. Does anyone know how many watts of heat the P4 dissapates at idle vs. full load? Anyway, my point is that I think the reason the temp stabilizes is that as the cpu load increases, the increased heat in the system is balanced by the increased efficiency of the radiator. I have a radio shack indoor/outdoor digital thermometer with one probe in the reservoir, and one on the hot side of the cpu outlet. At full load, the water coming out of the cpu is ~1-2 degrees warmer than at idle, but the reservoir temp is more or less unchanged.