According to Expreview.com, Zotac is working on a non-reference 8800 GT. The PCB is left intact, but Zotac is going to use different memory and NCC capacitors.
As you can see from the picture taken from Expreview.com, Zotac may opt a water cooling feature. They ditched the Quimonda GDDR3 memory modules, and used Samsung's 1.0ns GDDR3 memory. This card comes OCed to 700MHz for the core and 2000MHz for the memory.
It's still not certain that Zotac will use water cooling on the final product, but we will be sure later in November as the card is scheduled to hit the shelves at that date.