Two GTX780's.
1) A GTX690 contains TWO GPU's, thus you'd have FOUR in total which is a nightmare.
2) A GTX690 contains 2GB per GPU (4GB total) which means you'd only have 2GB for your framebuffer (the 780's have 3GB).
Also:
The 780's run fairly quiet, but if you're dead set on water cooling then get one with a built-in waterblock:
http://www.evga.com/Products/Product.aspx?pn=03G-P4-2789-KR
I'm not sure how much performance you'd gain, you might want to research that. Modern NVidia cards run closer to the GPU maximum than they used to which reduces the advantage of overclocking (people complained about how cards suck now as they don't overclock as well. No, this is a good thing people.)
Also, a single GTX780 runs pretty much any game at full spec above 60FPS (I synch to 60FPS with VSYNC ON). You might wish to just get a single GTX780 or GTX780Ti then look into a G-Sync monitor in the future (first out soonish from Asus).
G-Sync is incredible. Basically to reduce LAG significantly you need to run with VSYNC OFF (and get screen tearing) or get above 120FPS with VSYNC ON.
Even then, there is some stutter and jutter that happens that G-Sync can fix.
You can Google G-Sync if you wish, but it works by having the new G-Sync monitor refresh the screen on command from the Graphics card (GTX600/700) which eliminates the buffering VSYNC requires.