Water is much more dense than air. As I recall, positronn weapons are designed to produce an explosion on impact by annihilating most of the electrons at the impact site, resulting in the positively charged atomic nuclei repelling each other away. This is what would happeen right in your face, rather than just the M/AM interaction itself. A neutral antiparticle beam weapon (usually achievedd by adding positrons to beam of negative anti-ions as it leaves the weapon, creating a beam of neutral antiatoms) woud be somewhat safer for underwater use.
There is also a problem with the concept of the antimatter railgun, that being that the antimatter projectile would be in contact with the rails while being accelerated down the "barrel" of the railgun (and you can't use arcs to bridge a tiny gap between the projectile and the rails, unless you're willing to replace the rails after each shot). Either the rails would have to be made of antimatter or the projectile would have to be sheathed in matter (at least where it touches the rails, if not everywhere). A matter sheath would also allow the projectile to be fired into or within a planetary atmosphere or even a higher-density matter environment, such as underwater, without any matter/antimatter interaction until the projectile hits something. A projectile consisting of a collection of buckyballs filled with antimatter and somehow bound together as a macroscopic object would also work (I can't remember whether buckyballs are conductive, but if they aren't you would also need some conductive material - the projectile is part of an electricl circuit in a railgun).
An antimatter coilgun (a.k.a. Gauss Gun/Rifle/Cannon), in which the projectile would not have to be in contact with any part of the weapon, could also work without annihilating itself in the process of firing.