With the heat levels produced by most modern processors, watercooling is gaining more and more attention in the mainstream cooling gear market. Of course, the appeal of more efficient cooling that can be had through watercooling, as opposed to traditional heatsink and fan cooling solutions, has drawn overclockers to it since its inception. The reasons for turning to liquid cooling methods are fairly straightforward - overclocking often requires higher voltage settings for the CPU, as well as other components, to gain stability at higher clock speeds.
The increased voltages result in higher temperatures and the need for more efficient cooling. Watercooling can deal with the heat from the higher voltages much more effectively than a heatsink and fan and it can often do so with less noise than air cooling solutions.