Sand blaster filter system

My honey baby allowed me to purchase a sand blast cabinet for my shop(gotta luv that girl), anyway I will need to suck out the dust with a shop vac. One of the guys at work uses a system in his shop where he runs the his hose into a five gallon pail with water in it before it goes to the shop vac. He also said there is a drywall vac bucket on the market that works on the same principal. Just wondering what our guys are using and what works best without getting too expensive. Diagrams, pictures or links would be greatly appreciated. If anyone has any tips on grit blasting(do's and don'ts) would be appreciated as my experience with this tool is limited.
Thanks
Happy Friday to all.