Colorful is working on a number of custom GTX Titan graphics cards. They are all water cooled, with the main difference being the design of the water blocks, giving consumers a choice of four designs from which to choose.
It remains unknown whether the cards have a reference PCB or a custom PCB. Colorful usually creates custom PCBs with more potent VRM designs. Rumors indicate that the card would have an overclocked chip that would ship at just over 1 GHz out of the box. One of the designs leaves the VRM part of the PCB uncooled.
Looking at the images, it is also clear that the cards under two of the coolers are not GTX Titans. That much can be deduced from the different display connectivity. Do consider, though, that these images are 3D Renders. The card will, however, remain a two slot card, as is the practice with most graphics cards.
No official word has been released on pricing or availability, but we can certainly expect a hefty premium over the MSRP of the stock GTX Titan. The cards will be revealed at Nvidia's Game Beat meeting on May 18 and May 19, 2013.