Hi Timbre,
Firstly, I like verses one and two and I think are both nice sentiments and project, to my mind, happiness and well-being at being with the right person.
The third verse.....eek! My first thought was that both were jumping off a bridge in a mutual suicide. I really didn't feel the falling in love aspect there and the rhyme scheme went awry, but I think I know where you were trying to go with it, so maybe try something that professes love, committment, protection, etc.
For the chorus, maybe the waves should caress rather than crash.....it seems to me more gentle and caring (unless you are like Joan Jett...then the waves definitely crash). maybe scratch the word 'over' after just breathing you.
The bridge confuses me....I'm not sure what you are trying to say.
I'm thinking that 'Breathing You (Again, and Again)' would make a good hook and title. it's in the chorus, so you hear it more than once, and maybe you could reinforce it in a verse. All the Way Down is mentioned just once and it's in verse three...
Just some free thoughts....worth what you paid for them......I think the song has some very good potential and would love to see what you do with it.