Be very careful about using any type of paper that is not specifically designed for it in a laser printer. Laser printers do not use ink, they use toner, which is adhered to the surface of the paper with a lot of heat. Paper created to be used inside an inkjet printer usually has a coating of some sort, which can actually melt inside your laser printer and ruin it. Laser printers are pretty expensive to repair after something like this happens (ask me how I know that...).
Although watercolor paper will not have any sort of coating on it, the toner may not adhere well to the surface of the paper, and the paper may not hold up well to the heat of a laser printer.
Also, I did a quick Google search to confirm what I was telling you about the coating on inkjet paper, and ran across this article, which talks about why inkjet paper has a coating. It says "Most inkjet papers have a special coating on them to help the paper absorb the right amount of ink. If the ink is allowed to sink too far into the paper it can 'feather' or spread out, making the image look fuzzy. High quality inkjet paper are coated to keep the ink at an optimal level for crisp, clean prints from an inkjet printer."
Watercolor paper is specifically supposed to be absorbent, but as stated in the quote, inkjet inks are prone to feathering on uncoated paper. I would think this feathering would be even more prominent on a paper that is designed to be absorbent. As you state in your question, you want to explore mixing digital art with watercolors--but I am not sure that watercolor paper would provide you with the crisp line quality that is often meant when someone talks about digital artwork.
However, I will say that I know alot of people who run all kinds of things through their inkjet papers--waxed paper, cloth that has been treated with starch, etc.--and it seems to do no harm to the printer itself. So, I think you are probably safe experimenting with an inkjet printer and watercolor paper. But I would stay away from trying similar experiments with a laser printer.