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If one were to use the same loop to cool an i7 CPU and a card such as a GTX295 lets say, if the CPU was first in the loop how much would its temps be affected by the GTX295?
In the order of a deg or two C. Water is such a terrific conductor of heat the overall loop temp will stabalize fairly fast based on the total heat dumped into the loop if you have any decent flow rate at all. Of course the water coming out of the rad will be cooler (couple of deg C at best) than the water going in or it does not work but it is the big surface area of the fins and the speed of the water going through that cause the heat to be dissipated quickly. The rad in a good system will do so well at removing heat you dont see a big drop in temps as the water goes through because it works so well the heat never really builds up - a balance is acheived fairly quickly.
So with a large enough rad the cpu has little effect on the gpu and the reverse applies unless the rad is way undersized or extreamly weak rad fans are used.
So as mentioned above the rad/fans will determine the impact. A double rad with med to higher speed fans will be sufficient but not offer a lot of improvment in OCing or noise than air cooling. A triple would be better and allow lower speed fans to acheive the same performace or better OCing (maybe) with med speed fans. Its all about how much fan noise you want to tolerate and how hard you intend to OC with the general rule of you can never have too much ram, too much HD space or too many rads.
For my crunch rig, I'm running Yate Loon D12SM-12. I don't even really hear them. That's due to the Iwaki being louder. The Iwaki (@22V) sounds like a aquarium pump. Kind of a constant drone, that your mind ends up blocking out.