Abstract: An adjustable, energy saving, high speed, air bubble and water heating system extracts waste heat from the exhaust of a water heater on a swimming pool, hot tub, or spa to heat air and/or water. The use of the waste heat results in accelerated heating of the water and creation of heated air bubbles without any additional heat energy requirements. The temperature of the water and air bubbles is independently controllable via manual controls or automatic thermostat.