That's an All in One solution. It has the Pump, Waterblock, Radiator, and liquid already enclosed. Just make sure to mount the Radiator in your case with cool air coming in through the RAD, and into the case. It will likely perform OK, but don't expect anything spectacular out of it. I've been watercooling computers since 2001, and have seen / made a lot of mistakes in my time. These AIO units cut down on the amount of "oops" moments at the sacrifice of good performance.
If you do decide WC is the thing for you, do your research, find good singular components, and piece a new loop together that way. The performance gain you get will be well worth the investment.
For instance my loop running in my main gaming rig:
Intel i7 980x Extreme Edition Stock 3.33Ghz running stable 24/7 @ 4.25 Ghz, and an AMD R9 290x
Lian Li PC 60 Case (I've modded it a lot over the years)
Top Rad Aquacomputer Airplex Modularity 140 with Built In D5 pump flowing to R9 290x Input (Watercool Heatkiller 3 GPU GPU Full Cover Block)
R9 290x Output to Bottom Rad Airplex Modularity 360 Copper Input
Modularity 360 Output to CPU Input (Swiftech Apogee XT)
CPU Output to Top Rad Input
If and when you do decide to go with a dedicated loop, make sure you select components that are all the same material. (Nickle, Copper, etc) for the cooling channels. Otherwise, you will start to see Galvanic Corrosion form inside the loop on the blocks.