Frackingawesome
Contributor
This is a good resource on liquid breathing in diving: Wikipedia: Liquid breathing, Diving
This was one of the many "promising innovations" in diving when the concept was introduced to the public in the 1960s. Problems getting people "back" (on gas) has been the major showstopper. Another very difficult problem in practice would be regulating core temperature due to the high conductivity of liquids. Water is about 25x as conductive as air, HeO2 is about 6x plus as conductive depending on the mix.
I think i also read some where there are major issues with effort of breathing... moving liquid is WAY more work then moving air. We have issues moving "thick" air at depths.