Assuming your boost pressure exceeds your water jacket pressure, if the core failed internally, you'd think it would puke air back through the water tank (which may be right behind your seat).
That being said, the few I have seen on the drag racing sites were end tanks coming off from failed welds. That is so violent though that you shatting your pants might be just as dangerous as dumping water, especially if it's in-cab like many are.
People should be running blankets on these. Unfortunately it will probably take a few serious injuries before people wise up.
