Air arcing requires lots of amps and lots of air. Smallest carbon rod I would use would be 3/16, which require a minimum of 300 amps to work well(I've used a Ranger 8 before, 250 amps just wasn't enough and the compressor couldn't keep up). Also, air arcing is VERY hard on a welder, especially since when you hook up a gouging lead, you also reach for the amp knob and crank it like Paradise City just came in the radio. 3/8" and 1/2" rods and 1400 amps is absolutely badass though ad downright ROWDY. had a booth all by itself at the end of the stick booths in school for that getup, you could hear that thing across campus, with the doors shut. You could clean a LOT of metal out in one shot, real fast, just watch where that shits flying! Which has also been mentioned, it throws a lot of molten metal, which most of the time, is not exactly where it's pointed. It'll ruin rubber, glass, wood, plastic and brand new CAT paint in a heartbeat. You definitely would want a fairly large engine driven welder and a GOOD compressor if you plan to do this in the field.
Now plasma gouging isn't as tricky as you may think, ya, you'll need a power source and air, but no where near the volume as air arcing requires. If you want to have to move/transport as little equipment as possible, oxy acetylene is your answer. Pick up a curved kurfing tip while you're at it, makes a world of difference.
As for soaking a rod in water, and using reverse polarity to cut, very crude, but when you're in BFE and you're "full" oxygen cylinder has a broken regulator, you become very proficient at it(until you run out of water and gaterade).