O__O You can put a whole system underwater for 150-250$, it just won't look fancy but will work the same.....Plus this includes the CPU
No you can't. Not with any reasonably decent level of parts anyway...
A bare minimum for a *decent* water loop is $500. Just a good pump (d5 variant) is $100, a good cpu block is $80-120, a gpu block is $100-150, a res is $50, tubing is $25, fittings are $50ish for compression, rads can vary wildly but two 240 will run you $150 easily. That's $575 right there and doesn't count the incidentals like: fluid, velcro, mounting supplies, tools, cleaning supplies. Oh and that doesn't count fans, if you want Noctua fans like the F-12 plan on $100 for just pull, or $200 for push/pull.
The point is that you can't do a cpu+gpu loop for $150-250, it's not even possible because of the cost of the gpu block for a new card like the 290x. Even if you could you'll get mediocre performance compared to what this post is claiming because I can tell you right now he isn't running a bare bones loop. Not to mention if you cheap out on everything it's a lot more likely to break down and need replacing.
Last but not least, for the extra cost a *decent* water loop costs...you can just buy a second GPU. I'll take two cards overclocked on air over a single gpu under water any day. The only situation I can see wanting to put a 290x under water cooling is if you ALREADY had a loop and just need to expand it (new block, a couple fittings and some extra tubing).
Edit: everyone suggesting an AIO cooler for one of these...just stop. Please. That's ridiculous and wouldn't perform any better than the stock cooler. You need to also cool all the other chips on there to significantly overclock, you can't leave them just exposed without even a sink or you're 100% going to throttle your memory. Putting a GPU under water isn't something you just do for fun, it's something you do if you already have a custom loop and you intend to overclock your entire system. If you are cheap, stick with stock cooling.