Hi,
I found a post on a different forum that relates to this. Well, 2 people actually had it for 2 different reasons. When the lights come on, its indicating there is a problem of some sort. 2 of the lights are supposed to mean that external power is removed and one of them means its at a critical temperature... however, for one of the posters the problem was the BIOS on their motherboard was old and wasnt recognizing his processor. Once the Bios was updated it fixed the problem of LEDs on video card. The other user, which I think relates more to your issue, had removed the stock cooler from his card to put on an aftermarket cooler that was quieter. When he did this, the 3 lights on his video card lit up. When he put the original stock cooler back on, the lights went out again. Apparently, the aftermarket cooler allowed the VRMs to get too hot which you said yours were getting too hot as well so it seems to be the same issue. Either the water block you are using isnt sufficient for the card or maybe you need to reapply the thermal paste/pads to the chips. If that doesnt work, you may want to try the stock cooler again to see if that resolves the issue. From what I read, those 4 leds on the back of the card are not normally supposed to be on, and they light up only when there is a problem.
