Researchers Test Space Beer
With space tourism becoming a real possibility in the near future, brewers are trying to figure out how to provide a good beer in space. To this end, a non-profit space research corporation Astronauts4Hire will begin testing an Australian brew created to be enjoyed in microgravity. From the article: "In the past, NASA has also sponsored studies on space beer, and whether or not the popular beverage can be brewed in space. Under current policies, however, alcohol remains forbidden on the International Space Station."
Keep in mind you're just removing the dissolved oxygen, not atmospheric oxygen, so it's not like you're taking it out of the air tanks. If you could find a way to extract that prior the the fermentation process, it could even be a net gain.
If there was no dissolved oxygen at the outset, you would have to pitch a LOT more yeast. In my experience the volume of yeast increases by a factor of 10 or more during the reproduction phase (although this is based on measuring the primary yeast cake, which admittedly isn't entirely composed of yeast).
I do like the idea of using it to grow plants. Perhaps barley? ;-)