Sorry, would be happy to expand. On the surface, we have around 21% O2, and seems we can survive (not well) down to about 6%. And we can live up to around 6% CO2 (which is actually from 12% O2 because half of the CO2 goes into solution as an acid). So, if you hold your breath on the surface, when you get down to 6 -8% O2, your CO2 is just reaching the toxic level...so it a tie between panic and passing out (how long one holds their breath has no effect here, it is just concentrations).
Lets go down to 66 ft...or 3 atm's. We now have 3 times the amount of O2 (pressure effect), but that does not change how we react to CO2. In effect, we have lots more O2 to make CO2, and over the short term, we can now make huge amounts of CO2...and the system is no longer limited by the starting amount of O2.
Then, lets add 32% Nitrox into the equation...at 66 ft, we now have (32 x 3, or 96% O2, or 4.5 times the O2.. which can make a huge amount of CO@ before it gets down to the 6% level. The effect is you will not initially pass out (like on the surface) and you will go thru a terror massively worst than any waterboarding has ever caused.
cerich, there is not getting used to this, nor stopping it. As was pointed out to me, in my case I waterboarded myself, in a form several times worse that one can do on the surface. The doctor I talked to who had gone thru it over 30 years ago, still was terrified by it. We really need to stop putting this reaction in with water or the face or claustrophobia..they have nothing to do with each other.
It should be noted that this is not just about the panic, a bunch of very real, very deadly effects are taking place... remember this is a toxic compound and just because you don't pass out, does not mean it is not effecting your brain function.