Aquanet?
My friend Dave and I use engine starting fluid.
Ether.
We threw some spuds well over 150 yards yesterday.
When you get the mixture right, it sounds like a .22 going off.
Of course, the entire firing chamber is wrapped in fiberglass strapping tape.
Just a word...
If you're going to make one of these, make damned sure that you use the PVC tubing that is rated for high pressure. There are types on the market that have a LOT of bubbles in the matrix, which makes it lighter and cheaper to make, but it's not rated for the kind of pressure pulses that a spud gun will produce.
Remember, too, that your spud gun is like a car. When it's cold, it requires more fuel to fire -- a richer mixture. When it's hot, it needs less fuel.