Also, I think someone in this thread abandoned a project because he was worried about insulating the MB. Presumably he thought it was either a hassle or expensive. It is neither!
It is fast and VERY EASY. Just electrical-tape cover the slots, heatsinks, pin headers, and VRMs; then spray cheap silicone rubber on the whole thing (back of the MB too). Then, bang, a waterproof MB! The whole process takes 5 minutes.
After assembling your system, the last thing before you power on for the first time, seal the extra cold stuff (CPU and waterblock) in 1/4 " of cheap, clear silicone sealant. The surface will not even get cold, much less condense.
Also put 1/4" of silicone on the bottom of the board, under the CPU mount. Use a plastic backplate rather than a metal one, or you'll be spreading out your cold all over the underneath! I found that out the hard way.
I've done this with two boards and have had absolutely no problem. In particular, I have had no problem from the acetic acid released by the silicone as it cures. It just evaporates into the air.
My point here is that 1) you don't have to buy extreeeeemely expensive electronic sealant and 2) it isn't a lot of trouble. I decided to waterproof every MB I install (like for friends) if it has liquid cooling, because it's so protective and so easy.