rule out hyper 212+ (others might say OK) for OC'd i7 950... Since you are not a fan of monstrous size i would recommend Tuniq Tower 120 Extreme... its not small but extremely elegant and top notch performance for $55...
I wouldnt recommend H50 or H70, overpriced and perform more or less the same as top air coolers...
Buy the CPU block, a good CPU block and build the rest.
Radiator: I use a motorcycle radiator with a 24cm fan
Pump: I used an aquarium pump
Tubes: You can buy it in any store
Liquid: The liquid is the same liquid that you use for your car's radiator, so, don't pay extra for something like "Thermaltake"
Reservoir: You own election, just be sure that the pump fit inside.