As a scuba diver I can assure you it's possible. One thing you need to do to get your licence is to breathe from a stream of bubbles from a free-flowing (faulty) regulator. That kind of fault causes the air to flow freely from the air tank, generating a major stream of bubbles. By placing your mouth over that stream you can breathe from it. Even though we were less than 1 meter under, to me it was by far the hardest of all the tests, but I did it, and so did everyone else in my class. I just hope I never have to do this deep underwater!
This page explains how to do it.