Fitzo has the main point of full quenching a blade.
If the hot blade and hot tongs don't go all the way under the surface of the oil quickly, it will vaporize the oil and the vapors will ignite.
On shows like FIF they deliberately create this effect. In a real forge, you do everything you can to avoid it. Besides the startling effect of a puff of flames in your face there is a real worry of singed hair/beards/eyebrows and anything flammable above the quench tank could catch fire. This is one of the several reasons you need a sufficient volume tank for quenching blades. The tank should hold at least two gallons of oil, and be at least 4" deeper than any blade you want to quench. Also, you want at least 2" of air space above the oil to the top of the tank. An overflowing tank is the cause of many shop fires. 4" top space is even better.
How to deal with a flare-up:
Everyone will eventually stick tongs that are too hot or a too long blade to fully quench in their quench oil tank. If the tank has enough depth, push the blade and tongs all the way down under the oil. This usually stops the flame in a few seconds.
If the flames don't go out, or the flames are increasing, DON'T pull the blade out. That just makes a much bigger flame with dripping and burning oil falling on the floor. Instead of pulling it out - LET GO of the BLADE with the tongs and pull the tongs out, let them drip over the tank for a few seconds, and lay them on the anvil while you cover the quench tank with the lid. Problem solved and lesson learned. When the tank has cooled off fish the blade out with the tongs or a magnet and continue on with things.
TIPS:
A really good size quench tank is 6" wide by 24" deep and filled with 22" of oil.
It holds about 3 gallons of oil. It can be made from a section of 6" pipe or from a cut off large oxygen or other gas cylinder. Defective cylinders are often free at your welding supply if you tell them why you want it. If you need a sword tank this is by far the simplest way to make a 36 to 48" quench tank.
Take off the valve with a big pipe wrench (they might do it for you if you ask) and fill the tank with water. Drain and then cut to the depth you want with a metal cutting band saw or if you have to, with a hack saw.
Make a snug lid for it to keep stuff out and stop any flare-ups. An old kitchen pot (or pot lid) big enough to go over the tank works just fine. If your quench tank stays outside, place a heavy object on the pot/lid when not in use to keep it from getting blown off or pushed off by animals.
Welding the tank to a 12" round or square piece of mild steel, a large barbell weight, a big gear or pully from a crane, or any larger enough object is a good way to prevent the tank getting knocked over. Welding handles on the side of the tank and on the lid is also wise. A large tank full of oil that is welded to a 50# barbell weight is heavy!