Air stones just pump air (or any gass you feed into the tube.
The air stone does not seperate the oxygen out of the air when it goes through, it just pumps the air straight through.
The reason it increases the oxygen content of the water isn't that the small bubbles dissolve into the water, it's that it increases the circulation of the water in the tank, so more water gets moved to the top of the tank, and the gas exchange takes place through the surface of the top of the water.
For CO2, you need _much_ smaller bubbles, so that the bubbles actually dissolve, rather than just moving the water around.
~Josh