Water base finish on chipboard??

[beer is good]

I am making a set of shelves for the shed out of chipboard and I plan to finish them with a semi gloss water based sealer/varnish. Given that chipboard will fall apart if it gets wet, is there any risk with the sealer ruining all my good work?

[mjmjm]

I use water based paint on chipboard, without a sealer. Never had any problems.