I have reproduced this setup nearly identical to the one my brothers and I made 50+ years ago in the basement of our home. We scavenged the carbon rods from the center of D size carbon zinc batteries (not as ubiquitous as they once were). To keep from producing a short circuit and blowing a fuse, we lowered the voltage using a salt water rheostat which consisted of a couple of wires attached to large lead fishing sinkers suspended in a bowl of salted water. Moving the sinkers closer or farther apart adjusted the voltage. After continued use the water gets almost to boiling point because of the current being diffused.

This light is very bright and produces a bit of noise. This is the same type of light that was used in movie theater projectors of the era, albeit with a little more sophisticated apparatus.

I thought I would try using a 3/8 inch graphite rod instead of trying to find batteries.

     First Attempt 

        2nd Attempt

I wasn't happy with the first attempts. I wasn't getting the large sustained arcs that I remembered

Maybe the graphite was too compressed. I found some carbon zinc D cells and removed the carbon rods from the centers. They're smaller, so I had to reconfigure the holder a little. They worked much better. 

 The flames at the end I think were caused by residue from the battery

The rheostat water gets quite hot.