When purchasing an OEM i7 3770K chip, would you have to buy thermo paste to go with it or does it come with the chip? If not, would this suffice? http://www.coollaboratory.com/en/products/liquid-pro/
No, OEM chips don't come with thermal paste. That stuff's supposed to be good I think. Most well known brands of thermal paste perform very similarly. I personally use Arctic MX-4
I read somewhere that you cannot remove the compound on the Intel processors due to warranty? Does that apply to retail version only?
I think you're referring to the thermal paste that sits between the cores and the IHS on Ivy Bridge processors. That's a different thermal paste. The stuff that sits between processor and cooler comes pre-applied to retail chip coolers, never to the chip.
I wouldn't recommend using the Liquid Pro if you want to keep your warranty. If you need to remove it you have to scrub it off with wire wool or lightly lap it. In either case the CPU markings will come off.
Is Liquid Pro abrasive? Should I consider Artic instead? According to this review Artic MX3 is better than MX4. http://www.vortez.net/articles_pages/arctic_mx_4_thermal_paste_review,5.html
No, but you need abrasives to remove it completely. It's a very good TIM and better than most but can be matched with Prolimatech PK-1 or Phobya HeGrease. MX-3 was withdrawn, I think due to inconsistent batches.
I have the MX-4 and it's good but a little hard to spread. It's said that MX-2 is better and cheaper, though. I agree with Big Elf. I would stay away from Coollaboratory Liquid Pro unless the best temperatures are required.