ANSWERS: 2
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I don't know where it originated, but its usually used when someone has delivered you an ultimatum with a time limit such as "you're making me a coffee in the next 10 minutes", the reply "don't hold your breath", implies that if you were to hold your breath while waiting for the coffee, you would die before you got a java fix. It can be used in many different situations tho
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I may go completely wrong here but: As you may or may not have noticed, when you are watching a high intensity/exciting/good show you might hold your breath (unintentionally) just as you are waiting for the end result to occur (and release your breath once the result occurs). In the same way (but as a slight joke) if you ask someone about something the person says "dont hold ya breath" meaning 'it may occur BUT' dont get your hopes up (and so unintentionally end up holding your breath for a very long time waiting for the thing that might not happen) Messy language, but hopefully it makes sense
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