Most certainly not !! Water hose has a burst to working pressure ratio of as little as 2:1, where as air hose is a minimum of 4:1 when used at the rated working pressure. If a water hose bursts you get wet at worst and the energy is almost instantly dissipated, if an air hose bursts whilst working at 10 bar something or someone could easily be damaged.
I've had a pipe pop off a small 25l 1.5hp compressor (correct pipe but 'bodged' connection), luckily it didn't damage anything but my boxer shorts were goners.
Moral: Don't cut corners on airline, it's cheap enough to get the proper stuff.