Use the triaxial state of stress equation, Von Mises-Hencky. In particular:
Sa = sqrt(3) P (R / [R^2 - 1]) for R = D/d
S = stress (allowable)
P = internal (bore) pressure
D = outer diameter of pipe
d = inner diameter or bore of the pipe
You can easily find the properties of the PVC plastic pipe, try DuPont, et al, and set the factor of safety, FS to:
FS = Sy / Sa for Sy = yield stress (2% offset).
The hoop stress predominates the wall element, radial stress simply being the reaction to internal pressure P. The longitudinal stress is only the normal reaction of pressure against the cross sectional area of the blocked end caps. (easy enough) You can now rearrange the equation and solve for "P", FS=1 if you're trying to Al Quada yourself.
The derivation method to Von Mises-Hencky can be found in most textbooks dealing with advanced mechanics of materials and follows from Thick Wall Pressure Vessel considerations.
I recommend hydrotesting the vessel, NOT air pressure for reasons previously mentioned. This is obvious, but it is needed to be restated here for purposes of clarity.
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada