Yes it would, but your code has some errors.
Firstly, you missed a pair of quotation marks. Secondly your function would loop endlessly; What you are currently doing:
void Wake(string &in asTimer)
{
    if(GetLocalVarInt("Breath")==3) 
     {
       //Something
      }
    else 
       {
          PlayGuiSound("react_breath_slow.snt", 1);
        }
        AddLocalVarInt("Breath", 1);
        AddTimer("return", 2.45, "Wake");
}
What you want (i assume):
void Wake(string &in asTimer)
{
  if(GetLocalVarInt("Breath")==3) 
   {
     //Something
    }
   else 
     {
       PlayGuiSound("react_breath_slow.snt", 1);
       AddLocalVarInt("Breath", 1);
       AddTimer("return", 2.45, "Wake");
     }
}
Hope that helps 
