to be quite honest i dont know how well the liquid cooling is on the kandalf.. but anyways if you do go with it, i wouldnt cool the gpu i would only cool the cpu.
also your missing another hard drive in your system.. buying a raptor x and filling it with games, music, movies, and other stuff will basically ruin the performance.. so get a storage hard drive as well as the raptor, except to save money get the 74 gig NCQ version... since you would also be getting a storage hard drive you dont need the extra room on the raptor.
and to be honest im pretty sure a good air cooler like the thermalright ultra-120 would be a better choice than the kandalf lcs..
so this is what i would do:
1) get only 2 gig ram
2) get a thermaltake armor (this case is absolutely fantastic, easy install and will keep your hardware cool)
3) forget water cooling, because unless you spend $250+ its a waste of money overall
4) get a thermalright ultra-120 extreme
5) get this fan for the heat sink, Scythe S-FLEX SFF21F 120MM Cooling Fan
*and just for your piece of mind, the heat sink i suggested is thee best heat sink you can get right now and its only $65 or so. This will save you time and overall the trouble of water cooling.