Firefighters and police were called to Corporation Street after a man and two women plunged into the River Irk, which was about 3ft deep.
It happened at Arch 2 - which hosts a fetish club once a month - though it is thought it was being used for a private function at the time of the incident during the early hours yesterday.
A woman in her 30s received head injuries not thought to be life-threatening and was taken to the Manchester Royal Infirmary.
Another woman, aged 32, and a man, 38, suffered minor injuries.
Firefighters carried a nine-metre ladder through the club to get to the river which is difficult to access.
Two officers changed into dry suits and assisted paramedics with the rescue.
A specialist inland water rescue team from Heywood were also called to the scene about 1.40am.
A spokesman for the fire service said: "With it being under the railway arches the only way to approach was by the river or through the club.
"The water was not very deep, though, so officers carried a nine-metre ladder through the club to gain access to the river."
The Arch, which is a privately owned venue, hosts a club night once a month which is called Manchester's Unbelievable Dungeon.
It is a members' club which caters for rubber, leather, exhibitionists and swingers featuring a well-equipped dungeon.
It is also used for private functions.
The River Irk begins near Royton and flows down through Middleton, Blackley and Collyhurst before entering the River Irwell.
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paul, wythenshawe (10/07/2006 at 12:28)