Im with newthings on this one, I find that if I take a nice bong rip , then hold my smoke in while inhaling even more air I do get higher. Anything (smoke , or vapors,) when inhaled into the lungs need a transport to deliver the substance from your lungs to your body. Well this transport is O2, Oxygen binds with THC vapors (if thats what you want to call them) then is picked up by oxygen depleted blood cells and is then transported through the body. A blood cell has the ability to load itself with only so many molecules at one time. Think of it like a 7 passenger car if 7 people are already inside the 8 th person has to wait for the next car to get a ride. Well same thing with vapors in the lungs, if a blood cell is filed to capacity with o2, the remaining vapors in the lungs must wait for a new blood cell to attatch itself too. Now lets say if each blood cell can carry 7 o2 molecules , that means it can carry mabe 3 o2 molecules , along with the other space taken up buy THC vapor molecules and other garbage toxins. So remaining THC vapors are always looking for empty blood cells, and fresh o2 to bind itself too. So in my opinion the longer you hold in your smoke, combined with the amount of fresh O2 you inhale after the toke, can actually get you a little higher. After all your supplying the body with more o2 to transport the remaining vapors in your lungs.
There is also the big downside to "holding", the longer the toxins are held in your lungs the more damage they do too. ????What would you choose a little more high, or a little cleaner lungs?????
By the way , I find the reason people get higher when they cough is due to the breathing patterns that are associated with heavy coughing. The rate at which one inhales and exhales air when coughing is increased. So while smoke is still trapped in the lungs a person rapidly inhales (o2 entry), then rapidly exhales (co2 exit), this continuous amount of fresh o2 allows for more THC to be absorbed into the blood. Yes I know what your thinking, after a big cough wont all your smoke be expelled anyways right? Answer is No. How many times have you taken a bong hit, coughed, recovered , then coughed 15 seconds after that only to see smoke still being exhaled? This Is what I like to call trapped smoke, and unless your breathing the proper way (which a large percentage of the people dont) to completely exhale all the smoke you will still have some trapped for a little while, this is the reason that coughing seems to make you higher, and it is the same reason why if you hold smoke in your lungs for extended periods of time while ingesting fresh clean air , you will get a little bit more high.
PS: i've already held a decent bong hit in my lungs for a timed 36 seconds. Which was probably long enough to have every toxin in my lungs enter my body cuz when I exhaled very little came out. But hey the only way to get an answer to my theory was to test.