We have queen size air mattresses that we use for parties at our home and we also take them with us as extra play space for parties at convention.
At our house we limit the "squirters" to the air mattress. The beds are off limits for that play.
We have never had a problem using them for play parties. You can get real cheap ones that I don't think are good for play but we found good mid priced ones at Walmart that work great.