overclock it to 4.2ghz and you should be good. 4.5ghz is my max to consider. anything beyond that punches out too much heat and will reduce the longevitiy of the chip since you need to add a lot more volts to reach those higher speeds
and then id recommend a noctua nh-d14 cooler. looks bad but performs about as well as the cheapo watercooling h100 and is waaaaaaay quieter
I agree completely with TheBigTroll the ivy-bridge CPU's have heat issues with overclocking so once you get to ~4.6GHz you shouldn't go over 4.5GHz or it will shorten the life of the chip significantly even with water cooling. Also the air cooler TBT recommended I've put in some of the computer I've built of clients and they are far superior to the H100.
If you're going watercooling, never expect to go cheap. WCing isn't as cost-efficient as air, but if you want higher OC without snapping your motherboard in half from a uber-large copper air cooler, then WCing is the way to go.
If you also want to take a risk and break your warranty, you can replace the Ivy Bridge's thermal paste with a better quality one. It will drop temp by around 5 C depending on how much cooling it already has.