An exhaust treatment system and method for removing particulates and/or gases from exhaust gases and for cooling exhaust gases. The exhaust treatment system may include a venturi nozzle for injecting a mixture of water and air into the exhaust gases to cause particulate matter and/or certain gases present in the exhaust gases to adhere to water droplets in the mixture. The exhaust treatment system may further include a receptacle positioned in proximity to the exhaust outlet and adapted for collecting water and particulate matter exiting the exhaust outlet, a filter adapted to receive water from the receptacle and remove particulate matter from the water, and/or a heat transfer device adapted to receive water from the filter and remove heat from the water.