Nope - The fan will draw air out from inside the case through the radiator, which is what cools the water.
You can put a second fan on the inside, but that is optional.
My own CPU uses a Corsair H100 which takes 2 fans (included in the package) and shoves the air out the top of my case. AIOs can be good, but the pumps can get noisy.
I've had four Enermax fans over the past few years - They're pretty good for the price initially, but all four have since worn out and started rattling like mad.
I buy Noctuas for the quiet and the performance. I don't really overclock myself, except when I get bored occasionally, but they're very decent fans.