Actually, according to the the website linked below, THC is slightly water soluble, at 3.3%. Regardless, losing that amount, which is debatable as to how much is actually lost, is negligible when ripping a bong or bub. (By the way, this link is a from a post on GrassCity, credit for finding it goes to carthagexl on there.)
http://www.chemfinder.com/chembiofinder/Forms/Home/ContentArea/Home.aspx
I spent some time trying to find the solubility for THC in fat, but was unsuccessful finding anything definite. I would guess it would be fairly high, due to the potency of brownies and other edibles.
On a side note, this thread is painful to read. The staggering amount of assertions and misinformed opinions is overwhelming. C'mon NS, you guys are better than this.