I know nothing about watercooling for computers and was wondering if it's worth it.
-Is is a lot more silent than using fans?
-Can it cool the video card as well?
-Do cheap models work well or do i have to spring for a 300$ unit?
1. It is only more silent than when you use fans if..... you don't use fans. There is also the issue of pump noise, but as far as I know there aren't many pumps that make that much noise. Keep in mind that if you don't use a fan on your radiator the water wont cool off that much.
2. Yes it can cool the video card as well. You can buy water blocks that fit your video card.
3. Essentially you get what you pay for. If you buy a cheap kit, you might get a little better cooling than what you got with fans. If you are willing to spend 300 bucks, don't buy a kit; just buy all the stuff separately, you will get exactly what you need and probably higher quality parts too.
Check these out...
http://lmgtfy.com/?q=PC+water+cooling+tutorial
http://www.xtremesystems.org/forums/showthread.php?t=202394