My old box ran watercooled for many years with the side of the case off for good air circulation. I still have to get watercooling going for my new 2600K with 6970 - but I only need that so I can OC both chip and video. I currently ramp my 6970 fan to hit 100% at 60 degrees - yes it will endure more, but cooler is always better.
And yes, the fan is loud, but I crank my 7.1 surround till the house shakes anyway. You're simulating some 2000 supercharged horses hauling you through the sky at 350 mph, so to me a loud howling turbofan is just part of the scenery.