Steele:You are NOT dead if this happens. You are merely placed into an undesirable position. Granted, it's pretty stressful to go OOA, but that doesn't maen you are automatically dead. You know what to do. Implement the correct course of action as you have been trained to do. Remember, there are several options available to you rather than closing your eyes and sucking in a lung-full of water.
A few things that aren't routinely discussed is that as you ascend an "empty" tank will probably give you at least one or two breaths as you get shallower. As the ambient pressure drops, as you get shallow, what little air that was in the tank can now drive your regulator.
Another option is to breathe off your BC inflator, as long as there is air in your BC of course. Again, as you ascend, you'll have "more" air in that BC. Just don't practice this as I'm told you can get a lung infection from bacteria in the BC.
Of course the best option is to have a buddy next to you, or a redundant air supply.