There are certainly some choices you could improve upon. Water cooling sounds ....well....er cool....but these budget solutions simply just don't perform well compared to cheaper air coolers. It appears similar to the H50, which blocks case air flow by putting a radiator where your case exhausts its air.
You will notice here that the Prolimatech Megahalems outperforms the H50 water cooler by 4.5 degrees C. The Rev B of the Mega picks up another 0.5C
Scythe Mugen-2 SCMG-2000: Trailing right behind the two leaders is the $35 Mugen-II cooler, .....The Scythe Mugen-2 Revision B model SCMG-2100 heatsink is identical to the first version, model SCMG-2000. The only difference is that Mugen-2 Rev. B uses a newly developed F.M.S.B. (Flip Mount Super Back-Plate) for more convenient mounting onto the motherboard.
SCMG-2100 is $34 on newegg.
For the same price as the CoolIt or H50, though you could have the top dog from the same article.
ProlimaTech Megahalems: Using the best mounting system I've ever tested, this cooler delivers extraordinary contact surface pressure between the processor and polished finish on the heatsink base. As of March 2010 the ProlimaTech Megahalems was available at FrozenCPU for $65.