When it comes to water, I don't recommend water until the post $100 solutions. So if you want to stay under $70 I'd recommend that you buy an air cooler. The question is, what are you planning to do?
If you don't plan to overclock then I'd just stay with the stock cooler, there's no point in paying more for the same performance.
If you do plan on overclocking, but you want to save some money, Id recommend the Hyper 212 (any version, I own an evo for one of my rigs) This is the best price to performance cooler.
One of the best air coolers you can get is the Noctua NH-D14, personally, I think that you should go with the hyper 212, It will hold a pretty substantial overclock on most cpus, (got a 4790k to 4.6ghz, and to 4.8 on water) You can't go wrong with it, and odds are the overclock you will be able to make stable will fall within exceptable temps.
but if you aren't overclocking, don't waste your money.
cheers,
Will