Although this discussion seems to have abandoned the notion of using one, a flow sensor can be built using parts from a dead fan. I have built several. An example can be found here:
http://www.overclockers.com/tips642/index02.asp
The electronics are pretty straightforward, you just use a magnetic sensitive device called a Hall Sensor that latches "on" when a magnet passes by in one direction and "off" when the magnet comes back...
I have had a "fail-safe" circuit in my rig for a couple of years. If either the water flow stops or a the water block temp gets too high, the circuit trips a relay that leaves the ATX "power good" open until reset. I use the 5v line that is always on for the flow sensor and have a delay timer built in so the system can start with no water flow. However, if there is still no flow after 7 seconds, it shuts down.
Here is a schematic for a delay timer that operates within a certain period after power is turned "on". If you use it to control a relay switching output from the flow sensor, the fact that there is no flow when you first turn on your PC does not matter.
http://ourworld.compuserve.com/homep....htm#delay.gif
My thermal sensor circuit uses a comparator and is very simple. You don't need much when you are worrying about the kind of temperature swing that occurs with a cooling failure.
A schematic is here:
http://www.mitedu.freeserve.co.uk/Ci.../tempalarm.htm