[citation][nom]JasonAkkerman[/nom]Unless everything was liquid cooled it would be too noisy. Four case fans, GPU, CPU and PS fans make a lot of noise.[/citation]
Well, throw out the case fans, since it's open-air. CPU, GPU, and PS fans are typically temperature-controlled, so I'd think the reduced air temp would make for a lower core temps and therefore lower fan speeds. Yes, I agree, you'll hear those 3 fans more, but in their defense, they should be spinning slower than if they're in an enclosed case. (in theory)
I'd think watercooling would be loud too... haven't come across a pump quiet enough for me, especially to have sitting on my desk while running.