If this article is to be believed, this woman can stay under that long. They attribute it to yoga techniques, to which they also attribute her ability to stay that long in water that is -1.5 deg. C. http://www.dailymail.co.uk/news/article-2004042/Naked-female-scientist-tries-tame-beluga-whales-arctic.html
Interesting ... there probably aren't many stories I believe in the Daily Mail, but I can believe this one: training and acclimatisation can make a huge difference to physiological parameters (and I'm wondering whether the low temperatures involved might also slow down the circulation and prolong the efficiency/use of its existing oxy-haemoglobin?).
yogis have astonished the world with their ability to control bodily functions [including pain] with their minds, for as long as such acts have been reported on... yet more proof of how small a percentage of our brain's potential is being accessed and put to use by most humans...
I read a piece the other day on a woman who can hold her breath for 5 minutes, and that was with simple training. The current record overall is 19 min and 21 seconds. http://news.discovery.com/human/evolution/breath-holding-human.htm
People who hold those 20+ minute records hyperventilate breathing artificially high oxygen levels. Hyperventilating artificially lowers CO2 in addition to raising the O2 artificially.