This is way more complex than what I am using.
Part needed in my solution: 1 thermal switch.
Cost: 75c (yes, $0.75)
Labor: cutting a PSU wire (green PS_OK wire) and soldering its two ends to the thermal switch.
Time required: ~15mn
No PCB, no thermistor, no relay.
Here is a diagram:
http://www.geocities.com/alochin/temp/ThermalSwitch.gif
The only drawback of this system: it checks the temp of the waterblock (or heatsink), not the temp of the CPU. It is intended to protect against water pump failure.