as its been mention. convection wont move water around your loop fast enough for heat to be taken out of the loop. Eventually the water will become saturated/heat soaked and wont provide any cooling and your system will go into thermal shutdown or start throttling. If you have decent flow around the loop provided by a good pump then maybe the throttling and thermal shutdown can be delayed or even averted but there is still nothing taking the heat out of the loop.
Even Zalman had a small pump attached to their reserator back in the old days.
The idea will work but you cant do it without a pump.
The tubing and blocks for watercooling becomes restrictions so the water wont flow freely through the loop without a pump pushing them through.