Single bubble sonoluminescence (SBSL) is realized in air-saturated water at ambient pressure and room temperature. The behavior is similar to SBSL in degassed water, but with a higher spatial variability of the bubble position. A detailed view on the dynamics of the bubbles shows agreement between calculated shape stability borders but differs slightly in the equilibrium radii predicted by a mass diffusion model. A comparison with results in degassed water is done as well as a time resolved characterization of bubble oscillation, translation, and light emission for synchronous and recycling SBSL. The formation of streamer structures is observed in the same parameter range, when bubble nuclei are present. This may lead to a unified interpretation of SBSL and multibubble sonoluminescence.