Then no, as long as we were in accordance with the Geneva Conventions in the manner we conducted the war that would entitle our soldiers to POW status, it would not be acceptable to treat our soldiers as anything less in my view. Given this, they would be entitled to full POW protections and should be treated accordingly, which would not involve being waterboarded.
You can see the clear distinction within our own military. When special forces go out for example, if they are captured, they are legally subject to whatever their captors chose to do to them (in most cases). Point being if you follow the Geneva Conventions you are entitled to their protection, whereas if you do not, you are not.