1) no, i don't. however i have helped set-up a water-cooling gig in a friends PC.
2) yes you will notice a difference. in both CPU temp and the difference in noise emitted, however and i know this may sound a bit odd, but your CPU does need to be reasonably hot in order to run efficiently. (anything in the 40's should be fine)
Sorry, but im going to have to use Celsius for this example (we're pretty strange over here in the UK) anything over 50 degrees consistently then water-cooling would be a good idea, but if you find that it's any lower (say mid 40's) then water cooling could take your CPU's temperature a little too low and it could, but not deffinitely, end up being counter-productive.
If you've got CPU monitor software that can tell you your core's temp then that's good. If you don't but you're pretty clued up on what parts have gone into your PC (in particular your motherboard make and model) then [ame="http://download.cnet.com/Motherboard-Monitor/3000-2086_4-10518386.html?tag=mncol"]Motherboard Monitor (click here for link)[/ame] should give you a fairly accurate idea of you CPU's temperature.
If you can 't use either of these methods; run your PC for a while and load up a few programs (IE/Firefox, TF2, iTunes/WMP) and have them running for ~20mins. then shut-down your PC, restart and go straight into your BIOS, you should find your CPU's temperature in there.
The reason i say load up and run some programs for while is that if you just run your PC and check then is that you won't be able to see the sort of temperatures your CPU is running under a high load.
Long post i know, but that should tell you all you need to find out if water-cooling is a good idea or not.