I think technically the top end P4c outputs more thermal energy than the top end AXP. However, the P4's die has a larger surface area which means a more efficient transfer of heat to the heatsink. So in the end, I think these factors basically cancel each other out more or less. I could be wrong though.
But basically, if you want to spend a small fortune on something like a watercooling kit, what difference would it make?
😉 Get something like an Antec Sonata case with two low-RPM 120mm fans to get good airflow with low noise.
There's also the combination of a big heat sink and a big fan for a quiet solution that's cheaper than water cooling. You could do my new favorite: a Thermalright SLK-900, a 92mm-to-120mm adapter, and a speed-adjustable 120mm fan. Or you could do my previous favorite: a Swiftech MCX, an 80mm-to-120mm adapter, and a speed-adjustable 120mm fan. Both should be fun.

(Though I've never set up either ... yet. They just look good in theory.)
"<i>Yeah, if you treat them like equals, it'll only encourage them to think they <b>ARE</b> your equals.</i>" - Thief from <A HREF="http://www.nuklearpower.com/daily.php?date=030603" target="_new">8-Bit Theater</A>