Hi Mooks,
Oxygen is not a flamable gas, but rather, it supports combustion. If you want something to realy burn, introduce oxygen. This is seen when the wind blows and "fans" the fire. The fire is enhanced by the extra oxygen carried to the flame, in the wind.
In theory, oxygen may assist the livies, but I doubt it, due to the capicity of the water to carry a given amount of oxygen at atmospheric pressure. Let me explain in very simple terms.
The volume of oxygen that air or water can carry is dependant on a complex law of pressures, and involves Dalton's, Boyle's, Charle's and Henry's Laws ... to name a few. In simple terms, the only way to increase the oxygen carrying capicity of water, is to place it under pressure in a given space.
Grab a bottle of soft drink, or beer, from the fridge. Now, crack the top off. Hear the hiss? That's the pressure escaping the container, and the liquid. That gas was only disolved in the liquid due to the pressure placed upon it. The gas level is now on the decrease and will level out to the natural capacity of that liquid to carry that gas in no time at all ... e.g. flat drink.
That explains why oxygen would be a complete waste of money. The use of an air pump, or a water pump, will do the job. You siimply need to move the water around so gas exchange takes place more rapidly at the surface, where it normally takes place. Of course the same process takes place in the atmosphere, and inside living organisms.
Enjoy your beer .... if it hasn't gone flat.