If you are really thinking about this then be prepared to spend a ton of cash. I am currently working on a Villain IV. I have done tons of mods to it so far and it will soon be finished. Your better off just getting a aquacraft supervee 27 brushless. It's a way better hull and running hardware not to mention already brushless. If you still want to try this heres a breakdown of mine with prices without shipping.

my vill so far has:

2 Feigao 540 7S Brushless Motors $80
2 OE water jackets $49.90
2 Castle Barracuda 80 esc's (ordering them tommorrow) $259
2 OE Esc water cooling kits $49.90
Carbon Fiber U-Joints 4mm-4mm $15.98
2 spin fin/trim tabs $10.49
Dual pickup/outlet water cooling approx $35.00
Autobailer $6.95
Deans ultra plugs and 5.5mm Gold Plated motor connectors $20
Aluminum Motor Mount upgrade from Traxxas $13.99
Custom Wire Whip Antenna $11
High Torque Futaba Servo $35
Polished, Sharpened, Balanced copper-berylium props $95 (not done being balanced yet)

heres links to mine and wrxronalds vills

http://www.rcuniverse.com/forum/m_46..._1/key_/tm.htm

[link=http://www.rcgroups.com/forums/showthread.php?t=560130]http://www.rcgroups.com/forums/showthread.php?t=560130[/link]