>>5
Yes. I've even seen it done.
The smoke ring effect is from (as was already said) the fluid dynamics of the air. It is the movement of the air, not the chemical composition of the smoke particles that makes a smoke ring. The smoke particles are just a visual aide for seeing the vortex in the current of the air flow. Without the smoke, the rings would still be there, you just wouldn't be able to see them.
The bubble rings are the exact same thing, except the air bubbles are helping to visualize the vortex in the water currents.
However, I seem to remember my grandfather explaining that most major brands have certain chemicals to make the smoke disperse quicker, making it harder to blow rings with them. But that was over a decade ago with a shitty memory and I'm no expert besides, so take that with all the salt in the Pacific.