I used Minwax water-based stain on a Fajen laminate and it did a beautiful job. It gave a nice, even penetration of the wood and was about as easy a job as any stock I've ever done. I used Hunter Green on a "coffee" (brown and black) stock and it came out as a great camo job. Any oil finish over that and it's weatherproof, I'd use Lin-Speed, personally, since I've had such good luck with it on wood stocks.
Polyurethane doesn't hold up well it the wet conditions, from what I've seen. I hunt in a swamp, though. /ubbthreads/images/graemlins/laugh.gif