That's not the alternative option; nobody is suggesting swapping. Swapping CO2 for fission waste products would also kills us. Swapping it for H2O would drown us!
The problem with H2O wouldn't be the absolute amount, but the changes brought on by the added H2O. For one thing, it would rain pretty much 24/7 in Florida. :) (Yes, I know it's not at all that predictable.)