I have read that the only cause of death is lack of oxygen to the brain.
The cause of this lack of oxygen is mere window dressing.
According to wikipedia:
Drowning is death caused by the filling of the lungs by a liquid, usually water, rendering breathing ineffective and leading to death due to asphyxia.
From NASA
On December 16, 1994, a lad from Key Largo nicknamed "Pipin" (his real name is Francisco Ferreras), rode a lead sled 417 feet down, then shot back to the surface 2 minutes, 24.45 seconds later to break his own world record for deep-diving on a lungful of air. Afterward, Pipin was pretty nonchalant about the whole thing, telling reporters, "It's just one more step on the way to 500 feet."
Had he been wearing standard scuba gear, Pipin could descend to about 350 feet before suffering "rapture of the deep," a narcotic like stupor caused by compressed nitrogen. If Pipin worked for a commercial diving outfit that serviced oil rigs, he'd spend weeks in pressurized nodules so he could work at a depth of 1,000 feet. Some test dives using oxygen mixed with various exotic gases have enabled people to survive at 2,400 feet, but that seems about the limit for unprotected humans.
In this case we can ignore decompression. Terminal velocity in water is about 55.4 feet/second using specially designed equipment (see
http://intuitor.com/moviephysics/abyss.html).
By my calculations you would hit 2,400 feet after 43 seconds - fairly easy to hold your breath until then - except for the massive pressure differential between your lungs and the surrounding water.
So now I have to figure out what what pressure your chest can withstand at which point you cannot hold your breath, but I reckon, either way you drown. The question is whether your lungs fill with water because you loose consciousness because the oxygen content of your lungs has dropped to a certain point, or because the pressure pushes the air out of your lungs....