Not even just distilled water -- de-ionized distilled water. Only way to ensure that not only will there not be conductivity issues, but also that there is nothing in the water that could cause corrosion if components were immersed in it, and also ensure that the water doesn't get infested with little nasties over time. If you decide to use dye, you'll want non-organic stuff too.
Intel Q9450 @3.2GHz, Gigabyte GA EP45-UD3P, 4 x 2GB G.Skill @4-4-4-12
Antec P160SW case (modded), Xigmatek 750w PSU
3x 500GB (RAID-5), , OptiArc 7200S, ASUS E818A3T
Creative X-Fi XtremeGamer, Hauppauge HVR-1800, Radeon 4890