Like the thread title says, I'm looking for a new processor cooler (possibly a GFX cooler also?). Should I go with air or water? What would be the best to get from either, going off I have a bit of money to 'splash' out? Cheers.

System:
Core 2 Duo E6600
2 GB Corsair Dominator RAM
Nvidia 7950GT
Thermaltake Armor case

My vote is water . . . of course.

In every review that I have seen of CPU coolers that included even 1 WC system with 10 or more air units, the WC (any WC) has always outperformed the air. I have a 805D room heater that I tamed with a 120mm radiator and a basic pump. The thing was boiling at stock on air and now maxes out at 53C and OC'ed. Your CPU should be much cooler than mine.

With no prior WC experience I looked for some well regarded parts and put it together in a few hours (don't forget to leak test). I used a nice and quiet noctua fan so I am low noise as well.

The thing about water is that your idle temps may not go down to freezing, but it does an excellent job capping your peak temps.

I'd say go air cooling. Less of a hassle and much cheaper than WC.

The best air-cooling is the Thermalright Ultra 120 Extreme (TRUE), and costs around $60. It sufficiently cools a Q6600 OCed to 3.6GHz under 60C during load.

I've seen the TRUE mentioned a lot, what 120mm fan would you recommend to go with it, if I went that direction? Also, it looks like it weighs more than a Weight Watchers meeting, are there going to be any issues with that?

as long as you mount it correctly there will be no problem what so ever with the weight of it.
What kind of fans are you looking for? quiet ones or performance ones?
yate loon medium speed fans and scythe s-flex are probably the best choices for quiet fans and for performance a yate high or an ultra kaze.

I'm not bothered about volume, I've had a house fan blowing on my PC for the last 5 months, and with all the dust and hair that got tangled in it, it sounded like a 60 year old lawnmower.

then i would recommend a TRUE with an ultra kaze or maybe two

I agree. 2 Ultra Kaze is very nice on the TRUE. Expensive too.

lol but compared to a 300 dollar wc setup it isn't bad at all

'TRUE' that. I guess I'm going with a TRUE/Kaze then, thanks fellas.

Laugh if you will at WC, but I believe Surgery said money was not an object and if his house fan is full of hair and dust after 5 months . . . yes a high volume air system is just what he needs . . . lol

Surgery either get a case with air filters and clean them frequently, or open your case up every other month and clean it, or at least consider water cooling.

My case cover normally has a 300mm fan with a dust cover over it, it's just been off with a house fan blowing on the bare parts. As for the hair, it's what I get for being a long-haired hippie, if anyone is offering a free haircut, I'm game!

Ok I give up, I hope it all works out, just keep your long hair away from your CPU fan or you will get the free haircut you wanted . . .

Hahaha, maybe I can hook it up with the fan pointed into a bin.