Can I make Ozonated Olive Oil with a water ozonator?

YES, you can ozonate oil with your ozone generator, but, depending on what you are actually wanting to do, it is either very easy or very hard to do. There seems to be two very different things that people are referring to when talking about ozonating olive oil:

1. They want to ozonate the oil for about 20 minutes and then use a small amount (less than a teaspoon) daily, taken internally. Directions for this can be found in Dr. Clark's books. VERY EASY TO DO!
   
   Any ozone generator will ozonate olive oil for 20 minutes. Simply put a few ounces or so in a glass container and ozonate the oil the same way you would water, just run it for 20 minutes or longer.
   
   I normally recommend always using the same bubble stone for oil and a different one for water, so you will need to purchase a second stone. The reason for a second stone is that once a stone has been in oil it is very difficult to clean the oil out of the porous stone material. All this means is that if you use the same stone for oil and water your water may have an oily film floating on top and it might affect the taste of the water.
   
   
2. They want to turn the olive oil into a creamy-textured paste that is used topically on the skin instead of taken orally. VERY, VERY HARD TO DO. NOT RECOMMENDED!
   
   You will need to purchase a separate bubble stone (for reasons described above) and possibly an extra length of tubing (not required) to use with the olive oil. Make sure the tubing is ozone resistant.
   

   Many companies talk about the ability to ozonate Olive Oil and produce a thick, creamy textured paste. Although it is theoretically possible to do so with a home ozone generator, in practice it's not going to happen quickly or easily, regardless of the claims of the manufacturer. And all you will probably do is waste your time and possibly burn up your ozone generator, or at the very least put a great deal of excess wear and tear on it. 
   
   It generally takes an expensive commercial grade ozone generator running continuously for a long time (weeks, not days) to thicken olive oil, so it's tough to get results with a typical consumer model, even with a 200 mg/hr output. Most of the inexpensive ozone generators being sold have an ozone output of less than 100 mg/hr, so they are not going to get anywhere close to doing the job.

   The only real drawback to running a standard home ozone generator for many, many hours is the increased wear and tear on the pump and the actual ozone generator. If you over-do it, you can burn one or both out.

   Just for fun, here are the typical instructions for producing Ozonated Oils. I they work for you please let me know:

   When ozone is bubbled into olive oil for long periods of time the oil eventually thickens, holding the ozone in the oil. When kept refrigerated this gel will hold its ozone for years. Applied to the skin, it is beneficial for cuts, scrapes and burns, insect bites, rashes, eczema, herpes, etc., acting as a natural oxidant. To use this instrument for that purpose (if it has a timer) you will need to re-set the machine every time after it shuts off. This is an important safety device and is built into the instrument. To achieve the minimum concentrations for an effective Ozonated oil, you will need to accumulate at least 24 total hours of ozonation. This does not need to be done in one consecutive time-frame.