Water cooling still needs a fan, and with some radiators it needs more than one able to run high pressure.

I am running "water cooling" as well in the form of a Corsair H50 and I have to admit the somewhat generic fan that comes with the kit is one of the best I've met yet. It puts out one hell of a noise when it needs to @ 1800RPM, but I run it at 700RPM most of the time and it is quiet except for air noise. I'm surprised at that since I was expecting click noises since it is a PWM fan. Downside to this is that of course I won't find this 12cm fan except on the Corsair. It has no original brand markings.
I cut the grille off the motherboard tray as well last weekend. This helped alot.
I'm currently running 2x 14cm CM fans on the side and they have that clacking rumble at low speed, but I pretty much sorted that by dropping some 3-in-1 oil into the bearings. Took them off the fan bracket as well and suspended them which made a hell of a difference to case rattle. These will go at some point as I think fans on the bottom of the case blowing up across the motherboard will work better.
The Vantec PSU fan seems to be PWM, I think. It's crap. It's the one thing on this machine that puts out clicking buzzing noises like a mini diesel engine.
I got rid of some extra noise last night by suspending the 3 HDDs, but I'm going to put those back in the drive cage and suspend the drive cage instead. Temps heading for 50C during the day doesn't make me feel good. With the cage I can get a slow moving fan back in.
I have a top 12cm fan as well running at a slow speed just to vent out some air. Found out last week it was part of the noise. All these fans click at low speed since they're just crap. I put in one of those silicone fan silencer pads and forced the fan back into the top housing and the housing got some foam rubber pads to stop it rattling. Very nice, but the fan still needs to go as that low speed rattle is irritating.
Next month I'm going to order a bunch of Scythe S-Flex fans and at some point ditch the Vantec and get a PSU with a proper 12cm fan. This 135mm stuff sux.
All I want to hear is air noise and not rumble.

Going to get an mCubed as well which will stop the fans completely at night when they really aren't needed.
And yes I've got anal on all this 'cos I'm bored.

It's at night when the world quietens down that it becomes annoying.