No, it won't. Full cover blocks only work with reference designs. As soon as memory and VRM locations move, it won't fit anymore. You can buy a "universal" gpu block but it won't cool VRM or VRAM, those will have to be air cooled. You can buy some little aluminum heat sinks that stick onto them.
Well I am young and don't have much to spend on components, also I would overclock the HD 5770 and I plan to loop it with a CPU that is overclocked aswell. Maybe I will even put memory in the loop too. Besides I am playing WoW and CoDBO and other RPG games... For the most part I didn't have the money for an Nvidia card and I got the video card for an early birthday present and it is good enough for what I will be playing. I want to use water cooling because its efficiency and better cooling, my CPU runs at 15C and my GPU runs at 33C so I feel it would be worth it. With a universal waterblock like I have been suggested I might be able to use it when I upgrade.
Hey, honestly, waste of cash. Watercooling is only needed for extreme circumstances or if you have cash to blow. GPUs are a-ok up to ~100C. My two 5850s are overclocked and don't go over 70-73C. Meanwhile my CPU (i5 750) is overclocked from 2.66ghz to 3.75ghz and I have air cooling for it as well, temps are totally fine. I can do 4.13ghz on air with this.
So yeah, it's far more cost effective to invest in a good CPU air cooler, and for the GPUs, the twin frozr that Hawk comes with one of the best and quietest available. Try it on air before making the jump to water cooling. I've priced a cooling system for my GPUs and CPU, and it would be ~$600-700 for anything decent. Meanwhile I spent $65 on my CPU air cooler and I upgraded from my reference GPU coolers to super quiet Scythe Setsugens for $40-50 each. That wasn't needed but they're way quieter. Besides that, a case with good airflow is quite important. Extra case fans are only $10-15 each.
Cooling my computer with water would be like $240 and I'm probably waiting until later this year because I'm saving for a CPU and more RAM as well, but as far as my GPU I don't plan on upgrading it this year... I don't need to. The CPU I will probably be getting is one of the "bull dozer" CPU's from AMD that are coming out soon.. I hesitate to talk more because I feel like you guys would just start calling me an idiot... But the HD 5770 Hawk is already overclocked and if I get watercooling I could go even further... And 100C for a graphics card? That sounds really hot.