Water cooling + Coolit Domino

Hey guys, i had a quick (probably stupid) question regarding water cooling.

With water cooling is it possible to drop the CPU below ambient room temps?

My issue is that my apartment is at roughly 36 degrees C which is causing the CPU to get rather warm.

I would rather avoid setting a full 300+ dollar water cooling system and found this Coolit Domino, which is completely sealed.

http://www.guru3d.com/article/cool [...] lc-review/

i know you water cooler experts are probably thinking that this thing is garbage, but from what i've read it does at least work.

anyway, not looking for anything major, just something to cool the CPU during the summer months when its really damn hot out here.

sorry to jack this thread a bit but are these coolit dominos ALC water cooling kits any good? I assume for how cheap they are that it will be like anything and you get what you pay for. I ask because I am looking at going to WC in summer, currently I have a scythe mugen 2 on my i7 which is ok now (winter in NZ) but once my ambient room temps start to climb in summer I think il be looking at 75-80C at full load.

blarg, ok thank you for the help guys =D