Micro ATX Motherboard with liquid cooling?

Well, to answer you first question, yes you can liquid cool a microATX board. However, that board is very old and not optimal.

As to your second question, are you looking for a Closed or Custom liquid cooling loop?
 
Hello,

Yeah well before this i was thinking of changing my motherboard and upgrading my RAM to 8GB. I was thinking a Z77 motherboard 1155 socket but is it that much different over a H61?

Closed loop i was thinking. Is there much of a difference between the custom and closed loop?

Thanks
 
Well, z87 is out now, but yes, the chipset makes all the difference. You should look into the 990FX from AMD. I recently completed a build centered around their 8320 8core that it is definitely superior on a cost to performance ratio.
 
As to the second part of your question, their is a world of difference between closed and custom loop cooling power.

However, this all depends on how much you are willing to spend. A good custom loop (CPU only) will set you back about 300$ if done correctly. But for the build you seem to be suggesting, you shouldn't need more than a Cooler Master 212 plus.