My 10 year old gets the full throws and body slams onto the couch, the baby gets the guided tosses. In water though...you better hold your nose, your gonna find out how we played in the 90s after watching WWF hopped up on Surge and Kid Cuisine.
Don't worry, there will come a time in their elderly years when they need care, and you'll have that talk about putting them in a nice retirement home.
And you'll say to them......"Well, good luck with that."
Both with my daughter, but never going quite as far as swinging her around by one limb. Just flopping her over my shoulder like she's a sack of potatoes, then holding her ankles and dangling her upside down against my back. She loves it, and will actively try to climb up my chest when I'm sitting to flop over my shoulder herself sometimes.