Slow breathing with very long pauses, essentially 'skipping' a breath. People talk about it a lot but I think in reality it is far less common than discussed. Most accomplished divers change their breathing rate as depth increases....we slow down with larger/deeper and slower breaths. This helps compensate for the increased density of gas as depth increases. Maybe some people call that skip breathing. I do not.
It's impossible to check the reality since you would need to get an arterial puncture and test for CO2 level and blood pH to KNOW if the CO2 was going up. That is not going to be done underwater in an unclean environment.
So, we only have the divers report on it, for whatever that's worth.....
The body HATES the CO2 level to go up much. CO2 is what drives breathing. Climb one flight of stairs and carefully note your respiratory rate. It will briefly go up just a little to compensate for the increase in CO2. Walk briskly for about 5 minutes to warm up. Carefully note your pulse rate and respiratory rate + depth once you get somewhat stabilized at a sustainable level. NOW, try to halve your respiratory rate for more than 5"
keeping the breath size the same. No doubling the breath SIZE, which will be your tendency to compensate!! You probably won't be able to do it.
As the CO2 climbs your urge to catch up will become overwhelming. Now, imagine trying to do that for an hour, like a dive. Ugh!
If you practice you can handily get your respiratory rate down to 4 breaths/minute, even 3, and be OK. But it will not be 'normal' respiration, the breaths will be a lot larger and slower. It is still NOT hypoventilation, since your CO2 will be normal, but it's also not 'normal' ventilation. But, breathing underwater is decidedly not normal.