Dear bullshark:
[sp]When the pressures of all gases in a tissue are added together, the sum is either less than (undersaturated), equal to (saturated), or greater than (supersaturated) the ambient pressure. Depending on which, the gases either stay dissolved or can come out of solution in the form of gas bubbles. One way to increase the transport of dissolved gas and not to ever exceed ambient pressure, that is, never have the blood supersaturated, is to remove some of the gases. With gases employed in diving (nitrogen, helium, neon), this is difficult, since they were chosen because they are inert in biological conditions. That is, they cannot be chemically removed, only excreted by the lungs. Oxygen, however, can be removed by the tissues of the body, and a space results since the pressure of oxygen can now be subtracted from the total (sum) of all gases. If oxygen were not metabolized and removed, it would act just as any other inert gas and contribute to gas bubble formation.
[sp]Naturally, the concept here is that oxygen is metabolized and used up by the tissues of the body; this leaves a partial pressure vacancy , a term coined by C. B. Momsen, or an oxygen window , a term from Dr. Al Behnke, in the tissues and the venous system. In some decompression procedures, such as those developed in the 1970s in Germany, oxygen is used in rather high partial pressures to prevent the formation of gas bubbles [MR Powell, W Thoma, HD Fust, and P Cabarrou. Gas phase formation and Doppler monitoring during decompressions with elevated oxygen. Undersea Biomed. Res., 10 (3), 217-224 (1983)] and minimize DCS even though the decompression times were relatively short.
[sp] The maximum oxygen window will be found while breathing pure oxygen as is done in hyperbaric chambers when treating decompression sickness. Here the gradient is such that no inert gas is brought in via the blood stream. Virtually all of the oxygen is used by the tissues, and very little oxygen gas is in the venous blood. This allows the venous inert gas to be high and still be undersaturated. Currently in the world of scuba diving, the oxygen window finds its greatest utility in nitrox diving. Oxygen is added in place of some of the nitrogen and a very large partial pressure vacancy results.
[sp]The limit to oxygen in water (or even in a chamber) is its toxicity. We all have enzyme mechanisms in our bodies to control the buildup of reactive oxygen intermediates, but these protective mechanisms can be overwhelmed at pressure. If that is not a complete enough answer, please tell me what needs amplification.