Liquid cooling is not that difficult to figure out (It's called research, you do it in college. Try it!), and doesn't pose much threat to modern processors. If the processor overheats, it shuts the system off. I forgot to plug in the pump on my setup once and couldn't figure out what was wrong for awhile. After thinking it was my video card, realized I was a dolt and fired my system up after plugging it in. My processor still works fine.
Liquid cooling solution (and distilled water with dye/additives) are not very electrically conductive. Spilling some on your motherboard isn't likely to kill it. Furthermore, anyone who's spending money to cool their components probably wants a nice gaming rig on the cheap. With cheap components, if you do fry it at least it isn't quite so huge a loss.
Water cooling setups are reusable and if you know how to OC is a pretty worthwhile investment. The best way to begin is not to buy a kit, but piece one together or ask around on forums for help. Kits are somewhat limited. I won a $300 Danger Den 4200 in a gaming tourney once, and the thing doesn't do that great. The pump is a bit weak, and the radiator is the size of a 120mm fan. For really good cooling its more ideal to have a bigger radiator and big pumps. Wider tubing really is better because it's less friction between molecules of water and the hose, therefore less impurities in the water to wear out your components or cause clogs. Secondly, a wider hose will allow air bubbles to clear up through your T line faster. If they zip past the opening too fast they don't have a chance to rise.
Pumps and tubing are fairly cheap, it is the copper blocks and a clogged radiator replacement that tend to cost a bit. Upgrade to a new socket = replace the water block, unless an old one will fit the new socket. You can buy somewhat adjustable universal blocks too, but they don't always fit either.