No. It means he will die very quickly and painlessly due to oxygen deprivation. Those of us who work with nitrogen and other inert gases in an industrial setting are VERY aware of the potential hazard associated with them. In confined spaces, they can displace air (and therefore, oxygen) without being noticed ... until somebody drops dead ... or (better) the O2 alarm goes off.
BTW, the "I GOTTA BREATHE!!!!" sensation is triggered by a buildup of carbon dioxide in the blood, not by a lack of oxygen. He'll take a few breaths of pure N2, pass out, and next thing he's explaining himself to St. Peter ...
May God have mercy on his soul.
PROceed.
Yep, which is why those who want to "hold their breth" take many gasps of air, for the purpose of displacing the CO2.