I think that our lungs and the way we inhale oxygen is not the only problem. The human's skin for example is not ideal for all that water, after some time complications with the skin would develop, also, the human body cannot withstand such pressure, even in prolonged situations a higher pressure than that at sea level can badly affect the human body.I also believe that our body's respones will change, what i mean is that under water you'r going to lose more energy therefore rest more, and that kind of stuff. Your breaking a whole evolutionary process. I'm not saying it's impossible, everything is possible with science.