Go for it, report the results. If you're running a sealed environment with zero air exchange, I could see water cooling being a practical option. However it's going to be an expensive venture by the time you get the water blocks, fittings, tubing, pump, radiator, clamps, and other necessities. Then there is always the safety concern of mixing water with high voltage electrical devices. PC water cooling is a niche market for that reason as well.
It's just hard to beat the price and simplicity of a fan and a hunk of aluminum(maybe even without the fan). You go back and read a few pages on supra's testing. It's surprising how quickly you hit the point of diminishing returns for cooling power.