The only thing that might screw up the soda or alka seltzer water balloon ideas is how elastic balloons are. So even though the pressure is increasing inside it might not be enough to overcome the stretching capability of the balloon material. Plus, it would take a lot of practice to figure out the timing of how long you would have to hold the balloon before you threw it in order for it to burst while in mid flight.
But all things said it would be very cool if you got it to work, so goo luck!
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