This spring I was doing a "dive bomb" run on a reef to spearfish - its one of my common spots, been there a dozen times before - but its deep (110-115' to the bottom, 100 to the top of the reef) The surface current had been particularly bad, and I had to work to get to the anchor line to get down at the surface, so my respiratory and heart rate was above my usual.
Anyway, I got down there, it was cold (~58F at the bottom - cold for around here!), kinda dark as it was overcast, and I had just done the "compress fast" deal.
I got that "closing in" feeling - it was not a good thing at all - and was mostly-solo (spearing, 'ya know.)
Anyway, it was one of those mental battles - I knew I couldn't blow back to the surface at that speed, but that was what my mind WANTED to do....
So I came up about 30', sat there for a few minutes in view of the anchor line, and just conccentrated on relaxing - breathe slowly and deeply, look at the fish below me, concentrate on selecting an area of the reef to attack, load the speargun....
The feeling passed, and I went back down and finished the dive - without problem.
I believe it was mostly-narcosis induced - I've TRIED to overbreathe my reg, like Rich has, at depth - can't be done. But boy it did feel like I was that day..... at least for a couple of minutes.