Cooling

Do you want watercooling or aircooling? If aircooling go with Noctua NH-D14 or Scythe Mugen Rev. B (With push-pull config).

what would u prefer ...i like the water cooled but that adds about $500 to my total build

Watercooling is always welcome if you can afford. It'll allow you to overclock much higher with less noise and lower temps. Otherwise you should stick to excellent air cooling.

watercooling has its ups and downs - the trade offs are that in watercooling you'll have a quieter work space and with neons - make the case look really awesome with UV die in your waterloops. You get better temps and stability. The hassle is that they need maintenance and to set them up takes a weeeeeeeee bit of patience as a leaky hose connection might ruin your dream rig.

Aircooling is good because its cheaper and they are relatively lower in maintenance (apart from *the cleaning the dirt with a brush* part)

if you can afford it - go ahead - if not then dont look into the cheap spectrum for watercooling - a GOOD setup will cost you $450-500

With proper air cooling you could easily overclock your Intel Core i7 920 to 3.6 gHZ, which happens to be the sweet spot. If you know what you're doing you could possibly get it up to around 4.0 gHZ.