Watercooling CPU and GPU general questions?

[confuzedsushi]

So I'm building a PC, first time and all that. Setup will be
Thermaltake element t case
cpu: i5 2500k 3.3 ghz (I'm going to overclock a bit [3.7 or 4])
motherboard: gigabyte p67ud3b3
ram: 6gb corsair dominator
gpu: amd radeon 6870
power: coolermaster 800watts silent pro gold
hard drive: 40gb ssd for os, 1 terabyte data drive
CPU COOLING: Corsair H60 liquid cooling

Now, my questions.
Is that a good build?
Does the case have 120mm fans at the back (for water cooling compatibility)?
Is that a good liquid cooler?
Do I need another cooling form for the other parts since I think it only goes over the CPU? Or will case fans suffice for the other stuff?
Does the liquid cooling cool the entire thing or just the cpu?
Does a fan cool the entire thing or the cpu only?

Please explain in depth I'm a noooob.

[glc]

Please don't crosspost. Thank you.