Hate to contradict, but I would most definetely shy away from a water quench on unknown steel. Oil is a much safer option. Also, canola oil is just fine to use, but as said it will flame up for a second, so beware of that.
Heat the steel to non-magnetic,(usually a dull red in daylight or bright red at night, but you really need to be sure that it has reached critical temp.) then quench in oil, carefully wipe off as much oil as you can (to prevent stinking the house up with burning oil) then go immidiately to the oven for two, one hour temper cycles at around 425-450. Then proceed with the cleanup and handle. If you neglect to go immidiately to the temper cycles you risk causing stress cracks in the steel, and if you try to work with the blade (sand or grind) there is a strong possibility you will break it. Been there and done that, its no fun when you are first starting out and break a blade, but it was a sure enough learning experience.
Another tip, as it is cold this time of year, be sure to heat the oil up a bit. (80-100 degrees at an estimate) If you quench into 20-40 degree oil it can cause the blade to warp or crack.
Good luck!
Brandon