Water cooling with pretty unorthodox setup?

[lung]

In the near future I am going to upgrade yet again. I have been eyeing the 2.4c and will overclock the hell out of it. I am also figuring that to do this right, I should go with water cooling. The thing is that I have a very different setup for my comp: under the desk computer. So, with the mobo attached under the desk and actually facing the ground, will a water cooling setup still work? I will be able to put the pump and reservoir wherever, but it would seem that any air in the system may collect in the actual cpu block or am I just making my water cooling newbieness obvious?

Thanks for any info..

 

[NokiaDude]

Please tell me all this stuff is grounded right?

 

[lung]

How can it not be? The power supply is grounded, so the whole system is grounded, just like in a case...

I just realized that I posted this in the wrong forum. I forgot there was a cooling section. Please move if need be. Sorry.