well when welding some decently thick metal, it's said that a half inch weld should be able to hold 500lb when pulled apart before breaking. not sure how useful that is to know. an easy way to check is to try to break the weld with whatever you got. if its supposed to hold you and you can break it with a hammer, the weld is no good.
also, the whole water thing is very questionable. putting hot metal in water is a way to harden the metal, especially if it was exposed to carbon like in coal. the harder a metal is, the more likely it is to crack under stress. if you're making drill bits, that fine, harder metal will last longer. if you're making a chassis or drivetrain/suspension components, you're gonna have parts that break under the stress of bumps and jumps.
so don't quickly cool down metal unless you need hardened metal for a specific reason. it also prevents warping the shape.