Well if you want to either freeze your face off or blow you face off no regulator is needed. 100 # liqiud O2 is equal to 33,756 liters of gaseous oxygen. 8# is about 2700. Liquid O2 is held at -170 C or -274 F. The regulator does just that regulates the release of the gas. It allows you to safely control the release of a ton of pressure. I won't even get into the oxidation and fire issues of releasing to much O2 at once. In short, operating without a regulator would be very unsafe for you and everyone around you.
Not to mention you would be waisting a lot of O2. The idea is to trap O2 in the wort. Without a regulator you would just blow O2 through your wort and into the air at an alarming rate.