Sparx is correct, was at a shop this morning with two water tables for oxy/fuel cutting. Mr Gary is also correct, the water level must be below the surface of the material. This includes any water that gets splashed up by the force of the cutting gasses and molten material.
This does reduce the smoke and fumes your trying to mitigate.
Another client uses the same table for their PAC and OFC, they just switch the torches is all and drain a little water when cutting with a fuel gas.