No, this can't be done since dwarves actually live in a vacuum.
Not true! DF has a vague simulation of air pressure. Also, with no air, how would dwarves drown?
Uh, what simulation of air pressure? And you don't need air to drown, just water (or lack of it if you're a fish).
I can't claim to have experimented with this myself, but I've read that caveins draw dwarves in, presumably by something like air pressure.
And if there is no air, why do dwarves care? If they're undewater, that is. If dwarves live in vacuum, they cannot need to breathe, so submerging in water would have no effect whatsoever unless there is actually air and dwarves breath it. QPD.