I've seen several do that... very scary, but usually not much more than that... never seen one underwater.. all the ones I saw were on the surface... yup... 1st stage malfuction will do that. Basically the 1st stage was not controlling the pressure to the line... and you will get a free flowing reg, and/or (depending on the rate of air being delivered)a loud noise. I would suspect someone put things together incorrectly.