I wouldn't say that it's literally impossible, but consider that whales and dolphins are also mammals and they still breathe air despite spending their entire lives in water.
How are you going to find humans that can extract oxygen from water in the first place?
Selective breeding requires stock that has at least a related trait to the desired outcome. Humans don't.
You could breed for longer breath holding, etc, but unless you got lucky with a mutation, you can't magically produce a trait that isn't available.
Now, you could definitely start diddling genes in one way or another and get there with some luck and good protocols but that's not selective breeding.
At some point, you would run into a wall that requires evolution or other genetic changes to happen, and that ends selective breeding entirely. You could then start the breeding program again, but I say that isn't the same thing.
Probably not. Mammals and birds demand 10~100 times more oxygen to survive than other vertebrates (source), as our metabolism is rather high; I don't think that the oxygen in water is able to supply that. And a change in that metabolic rate seems a bit too involved to be feasible, specially given that our brains use a lot of energy (thus oxygen).
The problem is that any change slowing down the metabolism would be deleterious in nature: no/slower body heating, lower brain capabilities, slower healing, increased reaction times, etc.
As a rough comparison, it's like trying to reduce the energy demand of a computer. There's some room for optimisation but eventually the only way to do it is by reducing the amount of things that it does, by throttling its components.
Not with their lungs. At no point in the evolutionary development of human beings were lungs an organ capable of performing gas exchange with water.
Aside from the structural changes necessary to make lungs process water being practically impossible, there's no way the surface area of lungs could process enough water to provide the oxygen necessary for human metabolism.
You'd first have to engineer novel mutations that produced huge flaps of skin extensions, then refine them into membranes that can act as gills underwater while being capable of folding up into pouches to prevent catastrophic dehydration in air.
Not through selective breeding. Maybe through gene manipulation, but I don't think the science is quite there yet for something as dramatic as that. You could for a tail, since we used to have tails and sometimes people still grow a small one.
So reading this question sent me into a shallow-dive (one article deep) reading about animals that have this capability seems to suggest that actually selective breeding (as opposed to natural selection) might be the only way to create a species that could breathe both on land and underwater, as it seems like otherwise the tradeoff of creating two seperate breathing systems just wouldnt be worth the cost in the wild.
btw not a biologist, so everything i write is probably BS
"This organ allows labyrinth fish to take in oxygen directly from the air, instead of taking it from the water in which they reside through use of gills."
"Labyrinth fish are not born with functional labyrinth organs. The development of the organ is gradual; most labyrinth fish initially breathe entirely with their gills, and develop the labyrinth organs as they grow older."
sounds like fun - when you grow older you'll be able to breathe air and leave the water boundaries for eve... ntually a short period until you need to go back and use your gills to survive.
Yes. You will need trillions of dollars and operate outside of any country so you're not subject to pesky ethics and humanitarian laws. Good luck, I hope I never see you.