Of course. Try taking a few sips of water before you hold your breath next time. That seems to about triple the effectiveness of holding my breath to cure hiccups.

Then again, a) I know someone who swears by eating a teaspoon full of sugar[!] to cure hers, and b) I think there are some scientific studies out there that 'prove' most folk remedies for hiccups are about as useful as a placebo (how can you have a placebo for holding your breath, anyway?).