word, this is a bullshit thread, their is an entire page on erowid devoted to explaining how the myth started.
http://www.erowid.org/chemicals/pcp/pcp_info6.shtml
meh, fuckit, i'll post the whole thing and put this thing to sleep.
There appears to be a current trend of the use of substances known alternately as 'embalming fluid', 'fry', 'formaldehyde', 'wet', 'water', or 'amp'. These are sold in a variety of forms including cannabis joints or regular cigarettes dipped in liquid and cannabis leaf or tea leaves dipped in liquid. All of these are then smoked. There is good reason to believe that these are all various preparations containing PCP.
There are constantly re-circulating rumors that these substances do not contain PCP, but are instead simply formaldehyde or embalming fluid. In most instances PCP is not mentioned when the substance is sold or discussed. But there is evidence to support that this is mostly a case of confused slang terms. 'Embalming Fluid' is a common street slang term for PCP and has been for many years. PCP can come in liquid form, so the term 'fluid' would be fitting. It is entirely possible (actually quite likely) that this confusion has gone so far as to cause a new trend where PCP is actually mixed with formaldehye (or other 'embalming fluids') and used as a recreational psychoactive, but there is little evidence that the formaldehyde itself causes any pleasant or desirable effects.
Formaldehyde is a known carcinogen linked to nasal and lung cancer, and with possible links to brain cancer and leukemia and should not be smoked.
