I just ordered a Heatkiller GPU-X³ 79X0 Ni-Bl for my card and this is my first time water cooling a GPU and was wondering if I need to apply any thermal compound or thermal pads. I have the Promilatech PK-3 thermal compound.
You will definitely need to apply thermal paste to the main die. The block will most likely come with thermal pads for the memory/VRM. Instructions should be provided with the block.