In general, water just can’t have enough oxygen in it *and* absorb enough CO2 (this is really important) to support an organism that normally breathes air. [Studies](https://en.wikipedia.org/wiki/Liquid_breathing) (link to wikipedia) use a different liquid, and its only use in humans tends towards very specific medical cases (and some speculative fiction, such as a James Cameron movie from 1989).
edit: removed ‘usually’, because there’s flat out nobody using water in lungs to breath.
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