We had a similar discussion ages ago about the Glencullen standing stone in Co. Wicklow. It stands just under 6ft high, but is aledged to go down 20 feet.
Speculation, and taht's all it was, theorised about what would happen if you sank a solid quartz stone into an underground stream (of which there are many in the area): would stones etc. being bounced off it 'charge it up'?