Hello everyone,
 
So, I have never watercooled before, and I had a H70 burst on me sending two of my gtx 480s to corsair (they paid for them and I got 580s).  Therefore, I am  a bit aprehensive about the whole process, but after seeing how everyone else does it, I am considering leaping into it.  A quick rundown:
CoolerMaster HAF 932
EVGA Classy 3 770 mobo
I7-950 (currently stock)
Corsair HX1000
EVGA GTX 580
 
So, I really only want to watercool the CPU at this time (since I am just starting out).  From what I have, does anyone have any recommendations/tips? Should I try another closed loop like the new Intel one or the Antec one?

I would recommend to start with some decent parts, since your going to dive into it, might as well start off right.
 
-EK Supreme HF
-XSPC triple 120mm rad (Cost effective and good performing)
-Either a MCP 655 or MCP 355. There are some good pump/reservoir units available that hold the pump internally to save space, or you can go with a bay res and mount the pump somewhere convenient in you chassis
-I like Primoflex tubing personally by Primochill.
-As for fittings, I like the aesthetic looks of compression fittings, but regular fittings and clamps work just as well.
 
Just my 2 cents

The bay res is totally unnecessary unless you like the look, and easy access. Perhaps a Swiftech MCRES Rev 2, I have one, and works awesome. Or yes, pump/res, or even rad/pump combo works just as well. Double rad would also be just fine.  
 
BTW, what is your budget? That would be a good starting point.