People have figured this out. The problem I see is that most people don't want to be liable for the potential consequences of playing with great amounts of energy, such as holding your breath for increasingly longer periods.
An elite sprinters perspective would be nice to hear from, but as far as I've read the elite 100M, 9.79 - 11.20ish, goes by on a single maximum inhalation. So does the elite swimmers 50M, 19.00-22ish. Because it takes less energy? That makes sense. But also, it should be noted that as an air pump, you derive your locomotion from air.
Let your lung capacity be expressed by X. Having X amount of air inside you will result in maximum efficiency for power transfer. If you took two breaths during a 100M race, you would lose because your efficiency was not 100% for the whole time, while your competitions was at 100%, or closer to it is more likely.
The trick with this is to continually work on lowering your resistance to the energy running through you. As you do this you will be able to go farther on each cycle. Based on this, you could theoretically run a marathon on one breath. That's a bit impractical at this state though. It is likely that distance runners will eventually count their breaths during races, it's just another way to manipulate your energy, or ability to receive it however you want to look at it.
It is conceivable that a 100 second race could be executed on 10 breaths. If every 9 seconds you followed a very forcefull exhale with a complete inhalation you would be running at maximum efficiency for approximately 90% of the time. With the remaining 10% at approximately 50% efficiency.
Time will tell, and based on a post above, 1:41 in college certainly ought to tell you something.