Not sure I'd recommend chewing gum as a water balloon substitute. It is more expensive than balloon packs and has other additives such as sugar, flavor, aspartame, etc., not to mention being sticky. Sure, cold water may reduce its stickiness for awhile, but if used on hot summer days, you're bound to end up with loads of gum bits everywhere, making a worse mess than balloon bits.
Interesting, but not recommendable. Also, not sure why you'd want to be bursting pipes, either.
