Hello! I'm here to pick at your choices, but don't take them too hard

- The two biggest questions we ask here are: what's your budget, and what do you plan on doing with the computer?
- While the average rating on the average rating of that motherboard is 4 stars, the general consensus I hear about BIOSTAR is that they're second-tier for motherboards. The go-to brands now and days are usually Gigabyte, ASRock, ASUS, and MSI, in that order.
- That case is passable, but I don't know who else to recommend other than Antec in this area.
- You don't need 16GB of RAM. 8GB at the most.
- The processor is fairly decent
What else do you need? Hard drive and power supply at the minimum. Video card if you're going to play any game made after 2006 on decent settings. OS if you don't have one.
Can you install a water cooling system? Technically you can get a self-contained one for the CPU, but no, a traditional water cooling system won't work with that case (or most Micro-ATX cases). But it wouldn't matter:
you don't need water cooling. Water cooling should only be considered for heavily overclocked top-tier systems.