Decent WC systems that are powerful enough to cool your build start at around $200. If you're planning on oc'ing, $300.
Most kits suck, the only ones worth getting IMO are the ones that have been put together in kit form by other people to make the buying easier. Ok, that was a crappy description. I'm talking about something like this.
If you can afford it, Mountain Mods UFO cases are the best of the best when it comes to water cooling. That's what they where designed to be used for. They start at around $240 IIRC.
Yep, it's as simple as taking the stock hsf off the card, screwing the water block in place, and connecting the tubes.
Some people like to, but no, they don't. If they do run a little hot just stick a couple 120mm fans on top of 'em.
The only thing that needs power are the fans and the pump. The fans are just standard case fans, so they run off the psu. Some pumps are powered externally, but 90% of 'em get their power from the psu.
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