1 - In short NO.

There are 5 inhibitory factors, which prevent a baby from inhaling water when born:

The baby in utero is oxygenated through the umbilical cord via the placenta. When a baby breathes air, the intercostal muscles and diaphragm move in a regular and rhythmic pattern. 24 to 48 hours before the onset of labor the prostaglandin E2 levels form the placenta cause a slowing down or stopping in the fetal breathing movements (FBM). The diaphragm and intercostal muscles become suspended and there is a decrease in the FBM. At the birth, the baby’s muscles for breathing simply don’t work.

2. Babies are born experiencing acute hypoxia or lack of oxygen. This is built in response to the birth process. Hypoxia causes apnea and swallowing, not breathing or gasping.

3. The temperature differential is another factor. When a baby is born into water so close to maternal temperature the baby doesn’t detect a change so no breathing is initiated. In some places where an oceanbirth occurs, the water is much cooler than maternal temperature. This is an area for reconsideration since lower temperatures do not seem to stimulate the baby to breathe while immersed either.

4. Water is a hypotonic solution and lung fluids present in the fetus are hypertonic. Hypertonic solutions are denser and prevent hypotonic solutions from merging or coming into their presence. Thus, as water passes through the larynx it does not pass into the lungs.

5. The ‘mammalian dive or autonomic reflex’ built into all newborns is present at birth and mysteriously disappears around 6 to 8 months. This reflex is associated with the taste buds along the larynx. When a solution hits the back of the throat and crosses the larynx, the taste buds interpret what substance it is and the glottis automatically closes: the solution is then swallowed, not inhaled.
 

Source: Birthbuddy