You will need a waterblock for the each video card, pump, reservoir, radiator, tubing and non conductive liquid. If your doing this you might as well get a waterblock for your CPU. Depending on your room temp, efficientcy of the radiator (single, dual, triple or quad fan), the CFM's of the fans what voltages your throwing at your cards and cpu but all in all you will see a decrease of 5c to 8~10c on your processor and more on your video cards. You may see more.
If your not in a very hot climate, doing high overclocking or have no A/C then the investment in a correct H2O system is not worth the envestment in my opinion. Two GPU waterblocks, CPU block, pump, radiator, fans, reservoir, fittings, tubing etc your at about 400.00+ for 5c not worth IMHO if your running stock.
TD