A few smaller mammals, some of the rodents, are able to survive under water for a short period of time, by "breathing" normally. Apparently the lungs can perform their function of osmosis of selected molecules from the external environment into the bloodstream, regardless of whether the external environment is liquid or gaseous.
Humans have a cough reflex that would interfere with this process, I guess some rodents don't have it. If we cut the nerve that triggers coughing, then perhaps we could simulate underwater breathing like the rats.
But that's not really the problem. The problem is that there is not enough oxygen dissolved in the water to support our metabolism.
This is the reason that air breathers rule the biosphere rather than gill breathers. There's more oxygen in air than in water so we can convert more chemical energy into the various types of energy our life processes require. This is also why all warm-blooded animals are air breathers: gill-breathing does not provide enough energy to power an endothermic metabolism. (For you chemists and physicists, that word has just the opposite meaning in biology as it does to you.)
Ever see a fight between a dolphin and an equal-sized alligator? The gator is toast, his exothermic metabolism just can't produce enough energy to keep up. Animals that breathe underwater are at an even worse disadvantage.
It might be possible to keep a human barely alive underwater, by hyperoxygenating the water and sedating the human. But I don't think there's any way we could really make a life down there.