Will this system cool enough?

[Joni Nitro]

Well I am not a big fan of water cooling kits, but I am in a situation right now where i am very limited on tools and supplies. My last 2 systems were both water cooled with a more customized system. When I built this system I knew I was going to be living in Kunsan, Korea so for simplicity I went with air. I pretty much and no access to any modding tools or equipment so I need something simple.

I have been looking at this Asetek Waterchill Xternal:
http://www.bjorn3d.com/read.php?cID=1034

I searched around and found some pretty decent reviews. I have read that only a couple of times where people have had problems with the system.

So, will this system be enough to cool the following system? I plan to only run two of the 3 blocks. I will more that likely run the CPU and GPU block and stick a nice heatsink on the chipset. I dont want to dump too much extra heat in the system running all three blocks.

System:
Gigabyte Aurora 3D
500 Enermax Liberty
P4 945D 3.4ghz
Asus P5WD2-E Premium
2GB Corsair XMS 6400
X1800XT 512MB
2X120gb WD SATA

My current max OC was 4.8 with good ram timings 1:1. I am hoping this will let me hit the 5ghz mark, but I am not looking to run that 24/7. I will probably stick around 4.5-4.8 24/7.