You're probably not too likely to pick up Hepatitis C from buddy breathing... unless your buddy is a recent shark attack victim, loves to puke through his regulator, or you're both heroin junkies.
According to the CDC, Hepatitis C:
* Occurs when blood from an infected person enters the body of a person who is not infected.
* HCV is spread through sharing needles or "works" when "shooting" drugs, through needlesticks or sharps exposures on the job, or from an infected mother to her baby during birth.
Further, the CDC has these preventative tips:
* There is no vaccine to prevent hepatitis C.
* Do not shoot drugs; if you shoot drugs, stop and get into a treatment program; if you can't stop, never share needles, syringes, water, or "works", and get vaccinated against hepatitis A & B.
* Do not share personal care items that might have blood on them (razors, toothbrushes).
* If you are a health care or public safety worker, always follow routine barrier precautions and safely handle needles and other sharps; get vaccinated against hepatitis B.
* Consider the risks if you are thinking about getting a tattoo or body piercing. You might get infected if the tools have someone else's blood on them or if the artist or piercer does not follow good health practices.
* HCV can be spread by sex, but this is rare. If you are having sex with more than one steady sex partner, use latex condoms* correctly and every time to prevent the spread of sexually transmitted diseases. You should also get vaccinated against hepatitis B.
* If you are HCV positive, do not donate blood, organs, or tissue.
Hepatitis A from a mouthpiece? Sure, that's a very real possibility.
Hepatitis B? Probably not... transmitted the same way as Hepatitis C, as well as sexually.
As most mentioned, you can be vaccinated against A and B. IMHO, everyone should be vaccinated against Hep A, especially if you're fond of eating out or travelling abroad.
If you suspect your buddy's blood is on/in the regulator (maybe because they yacked through it?), you may have something to worry about. But not a super big worry. Most of it is going to be flushed out / likely isn't in his alternate regulator / will be so diluted by the water that your chances of infection would be pretty slim.
Just don't shoot up with your buddy before you dive, and you should be okay!
Mono, the flu, a cold... you -might- be able to pick up one of those things from a mouthpiece.
Course... if you're in a situation where you need to buddy breathe, getting sick is probably better than getting dead!
-Brandon.