Hi Petard06..... Welcome to the forums.
For a water cooled system , your build is pretty much right on. The Hailstorm case is made for water cooling. You could save $300 by going to the 4 core 3820 chip, all that gaming will use, but drop oc'ing to stage 1. DS doesn't oc that chip as high as the 3930k.
To answer your question, for gaming several hours a day water cooling is more a luxury than a neccessity. It is nice if budget is there, but air cooling will do it just as good, with longevity and stability and alot easier to change parts if needed.
Here' a air cooled system to check out that will give you the same gaming, but is $1000 cheaper.
Config # 707542 Cost $ 2897
Chassis Model: Special Deal Hot Seller - Cooler Master 942 HAF X
Exterior Finish: - Standard Factory Finish
Trim Accents: - Standard Factory Finish
Processor: Intel Core i7 3770K 3.50 GHz (Unlocked CPU) (Quad Core) (Requires Z77 Motherboard)
Motherboard: ASUS SABERTOOTH Z77 (Intel Z77 Chipset) (Features Thermal Armor and Thermal Radar)
System Memory: 8GB DDR3 1600MHz Digital Storm Certified Performance Series (Highly Recommended) (Hand Tested)
Power Supply: 1050W Corsair Pro Silver 1050HX (Dual/Triple/Quad SLI Compatible)
Expansion Bay: - No Thanks
Hard Drive Set 1: Operating System: 1x (180GB Solid State (By: Intel) (Model: 520 Series)
Set 1 Raid Options: - No Thanks
Hard Drive Set 2: Multimedia\Data: 1x (1TB Western Digital Caviar (7200 RPM) (Model: Black Edition)
Hard Drive Set 3: Backup\Misc.: - No Thanks
Optical Drive 1: DVD-R/RW/CD-R/RW (DVD Writer 24x / CD-Writer 48x)
Optical Drive 2: - No Thanks
Internet Access: High Speed Network Port (Supports High-Speed Cable / DSL / Network Connections)
Video Card: 2x SLI Dual (NVIDIA GeForce GTX 670 2GB (Includes PhysX)
Add-on Card: - No Thanks
Sound Card: Integrated Motherboard Audio
Extreme Cooling: AIR: Stage 2: Noctua NH-D14 SE2011 Extreme Performance
H20 Tube Color:- Not Applicable, I do not have a FrostChill or Sub-Zero LCS Cooling System Selected
Chassis Airflow: Standard Factory Chassis Fans
Internal Lighting: - No Thanks
Enhancements: - No Thanks
Chassis Mods: - No Thanks
Noise Reduction: - No Thanks
LaserMark: - No Thanks
Boost Processor: Stage 2: Overclock CPU 4.5GHz to 4.8GHz (Requires Pro/Deluxe/Sabertooth Motherboard)
Boost Video Card: - No Thanks, Please do not overclock my video card(s)
Boost Memory: - No Thanks, Please do not overclock my memory
Boost OS: - No Thanks, Please do not tweak the services on the operating system
Windows OS: Microsoft Windows 7 Home Premium (64-Bit Edition)
Recovery Tools: Windows Recovery Toolkit (Bundled with Windows 7 CD)
Virus Protection: - No Thanks
Office: - No Thanks
Game: - No Thanks
Display: - No Thanks
Surge Shield: - No Thanks
Speakers: - No Thanks
Keyboard: - No Thanks
Mouse: - No Thanks
External Storage: - No Thanks
Exclusive T-Shirt: FREE: Digital Storm T-Shirt - Black (Large)
Priority Build: - No Thanks, Ship Within 10-15 Business Days After Order Is Successfully Processed
Warranty: Life-time Expert Customer Care with 3 Year Limited Warranty
The HafX case is the best for air cooling.
8GB ram is all gaming needs.
If you game on both monitors then the sli, 2x gtx670 will play BF3 on high settings real smooth, but struggle a bit on Ultra with everything turned up. For a single monitor the sli will max out gaming and stay 60fps or better.
If by chance you want the option to tri-sli, 3x gpu in the future, then the X79 Sabertooth and 3820 chip from your first build would be needed. Then you would start with Dreadnought level 3 and tweek the config and still save alot of $$$ with air.
Water cooling is great, and if its something you always wanted then your config is great.. This config saves money but is air cooling.
Hope this helps and best of luck.

Edited by bprat22 - 13 Jul 2012 at 9:27am