All bullets wobble, (technically, it is called "yaw").
Rifle bullets are worse than handgun bullets typically, because they are longer.
This explains why AP bullets penetrate the most when fired over a 100 meters. The bullet has stabilized, and is able to do its best work.
It also explains why FMJ spitzers can be so devastating at close range. I have had a FMJ 7.62 NATO bullet stop after penetrating 3 water filled OJ cartons. Yes, I got a bit wet from the splash. No, there is nothing wrong with my rifle, as so many have wrongly suggested. It is just the nature of the beast at very close range.
Mythbusters got the .50 BMG wrong. It does not break up on contact with water, unless fired at very close range. Give that big bullet time to stabilize, and it will penetrate quite a few feet of water. The military did tests on this, I have seen the results. I don't remember the actual numbers, but swimming underwater will not protect you from a .50.