Hey bud. I've had the same thought.
An answer to your question about holding your breath; as long as you're neutrally buoyant, (and don't float to the surface) I can't imagine holding your breath would be a problem. (Since the reason not to hold your breath is that when you ascend the air expands in your lungs. -If you stay neutral, the air shouldn't expand.) You would, of course, need to exhale as you headed back to the surface. ESA style. (emergency swimming ascent)
The Spare Air website says: "Spare Air now has 57 breaths at the surface, or 3.0 cubic feet of air (approximately two - five minutes)."
of course, being 8ft down, it would be slightly reduced.
Cost: between $200 and $275 depending if you want it filled.
It would appear, once again from their website, that you could fill it with a standard air compressor. (or from your regular scuba tank - They supply the adapter when you purchase)
Honestly, 2 to 5 minutes isn't a very long dive. You might consider a Pony bottle instead. (not nearly as small as Spare Air, but not as big as a full Scuba tank.)
The last suggestion might be one of the 'hookah systems'.
http://www.dudeiwantthat.com/outdoors/watersports/snorkel-hookah.asp
Personally, I just enjoy the Freediving/Breath hold approach. (I can hold my breath while swimming for about a minute... still working at it of course.)
Good luck, Mate.