with the unlocked multi on your QX you should be good for avoiding needing sky high fsbs for a high clock, my experience like I said on msn was that it was just too noisy for the gain.
Like having your fridge on constantly in the room, its not a noise you can easily ignore, plus the fact you need your fans up quite high on the compressor rad to stop it from burning out.
You know as well as I do that you can't guarantee 4.2+ or whatever with any chip, what I can tell you though is I am struggling to get past 3.8ghz with my 6700 with water, Tom had it benching at 4.7ghz on his chilly1.
In an ideal world I'd have a phase unit in the shed and my watercooled pc in the dining room as it is now. Phase for play (its wicked fun) but water for everyday use.
I suppose what I'm saying is actually, do it.. you sound like you're taking the same journey I did, into water, then more and more water, then the nagging thing about phase (and trust me, it won't go away until you've done it.. nothing is like seeing your cpu idling at -40) but like me (after 1 dead cpu, 2 dead motherboards and a half baked psu) you realise the noise, hassle changing components, noise, noise, temptation to run everything on the ragged edge so you wind up breaking stuff, noise, expense and noise you'll go back to water.
S'what I did..
Fun though, especially when me and Tom and a few others got our hands on top clocking X2 3800s and went record chasing at 3.3-3.6ghz