Possibly in a submersible or nuclear submarine type application, but in a human powered form this is pure fantasy.
The fraction of O2 in a human breath is measured in parts per hundred (21 percent)
The dissolved fraction of O2 in water is measured in parts million (10s of mg/L)
There are roughly 6 orders of magnitude between these units. So to derive enough O2 to supply a 6L counterlung at just 21% would take about 600,000 liters of water. You need very large high powered pump and a lot of energy to somehow extract all of that dissolved O2 from water.