http://www.chem1.com/CQ/oxyscams.htmlUnless you have gills, it's just an expensive burp!
Oxygenated water (also known as "superoxygenated" water) is offered at hundreds of Web sites. I highly recommend it if you happen to be a fish, but if you have lungs that breathe air, then forget about it!
All water that has been exposed to the air is "oxygenated" to a small extent— about 8 milligrams of O2 per liter of water at room temperature— and this can be increased by pressurizing the water with oxygen gas; each additional atmosphere of oxygen pressure pumps an additional 40 mg into each liter.
But what happens when you open the bottle? That's right, the extra oxygen goes right back out— but not immediately, so by drinking oxygenated water, you can still take a bit more oxygen into your stomach.
But can any oxygen molecules that don't get burped back out actually find their way into your bloodstream through absorption in the stomach or intestine? I very much doubt it; the lungs are exquisitely adapted to this function, while your digestive system is specialized for absorbing other nutrients.
Suppose, instead, that you simply breathe in an extra liter of air (much easier to do than drinking a liter of water!)
It's an easy chemistry students' calculation to show that you will be inhaling about 146 mg of oxygen in this way. Not all of it will enter your bloodstream, but you can always take an extra breath; it's free!
These products seem to be pitched especially at the sports community, always on the lookout for that thin advantage that can make all the difference.
cave note:
Re-injected 'oxygenated' blood is another popular hype. It's popular for sports nuts but it's also being used as a health 'benefit'.
There are many scientific abstracts that point to the dangers of doing oxygenated re-injected blood.
But mostly it's just an expensive way to go nowhere health-wise. When you're desperate you'll do anything without looking past the hype.
Water injected with ozone is another scam. And that might be even more dangerous than oxygenated water.
AIDS patients, in particular, have been targeted. 
Virucidal levels of ozone induce hemolysis and hemoglobin degradation
http://www.aidsmap.com/cms1032466.asp
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