I am thinking water cooling may be a bit out of my price range but I would still like to OC a bit, nothing extreme just enough to get some solid proformance.
I have seen some of the giant cpu coolers with 120mm fans on them, how loud are they?
Depends on what fan you put on it. I'm really a quiet cooling guy myself, so I always go for 120mm fans. Anything over 1200rpm is too loud for my tastes, but yours may vary. Good all around fans are Yate Loons, and Scythe S-Flex fans come in 800, 1200, and 1600 rpm varieties so you can choose how much noise you're willing to tolerate. Head over to silentpcreview.com if you want to get some more recommendations on fans and heatsinks.