What do you think heat pipes contain? Basically the same thing as water cooling systems.
Water cooling is basically a misnomer - it's basically a heat relocation system that that gets the heat moved to what are usually air coolers that pass the heat off into the air. If the airflow in your PC is ideal and smart enough, no need for water cooling, you can air cool at the source at nearly the same efficiency, no need for a pump. It's not as easy to manage in terms of space, but it has less maintenance issues.