Actually, this would work. But O2 isn't the problem, the CO2 is. You'll need a process to filter the CO2 out of your blood, as that's what causes your body's breathing reflex to occur. If you could filter the CO2 from the blood stream, while also providing O2, you would literally not need to breath.

"Intravenous Oxygen Injection For Patients Who Cannot Breathe" http://www.medicalnewstoday.com/articles/247295.php