It really depends on what the parts are, and whether or not you are planning on doing any overclocking. If you don't plan to overclock, there is absolutely no need for any type of liquid cooling.
If you are planning on overlocking, you'll want to make sure your CPU is a 'k' type CPU (meaning it is unlocked for overclocking) and your motherboard is a 'Z' type chipset (like a Z87 or Z77 depending on what generation CPU you plan to use.
Assuming you do plan to overlock, then liquid cooling is potentially a good idea. But first, I want to know what you mean by water cooling. There are two types. There are 'closed loop' liquid coolers, like Corsair's H100i for example. These are basic liquid cooling kits that perform about the same as a...