This is freakin' sweet. The guy behind Water-Cooling.com has modded his 360 so that it has a water cooling system. The aims for the project were to 1) reduce the noise level, and 2) see if he could do it. Apparently, he did a very good job.

His website has the detailed journey of his 360 from stock to water cooled...including lots of pictures. If you were interested in doing this to your 360, you could definitely use his journal as a tutorial. He lists all the components necessary and where he got his parts from. He says that he will have to monitor the unit over the next few weeks to see how it responds to being water cooled as opposed to having the fans. He's worried that while the GPU and CPU have been water cooled, other components may overheat due to lack of airflow.

It reminds me of a Ghostbusters 360, but it looks really cool.

Check out his site here, and if anybody tries doing something like this to their 360, let me know.