Mild to moderate anoxia doesn't have long-term effects, and brain neuron apoptosis doesn't start until after about five minutes of anoxia, or so I'm informed by the always-reliable Wikipedia. Other than that, I thnk wedrifid and Vladimir Nesov nailed it.
On January 4, PJ Eby sent around an email linking an... interesting... website. The claim on the particular webpage he linked was as follows:
This site is part of a sales pitch, so many of the claims are stated in hyperbolic language. I've already noted one factual error: the webpage claims that being underwater triggers the diving reflex, while in fact (or at least, according to Wikipedia) the diving reflex is triggered when one's face is immersed in water colder that 21 °C.
But there is a testable claim here: learn to hold your breath for longer periods of time -- particularly in conditions that elicit the diving reflex -- and you will see increased intelligence. I know that some readers of LW regularly train and test their intelligence, so I offer this as an easily implemented potential method. The possible gains seem to me to outweigh the costs of the training and the low prior probability of the claim.