Mephisto dude,
Regarding your Q, I think u have misunderstood between voluntary apnea and true apnea. Voluntary apnea is when you breathhold (e.g diving) and your body still has oxygen to burn...whereas true apnea is cessation of breathing, meaning your respiration stops and you have no oxygen to burn.
Any physical after effects depends on how long one is deprived of oxygen. The longer the LOC (which is to say he is unable to breath on his own), the more severe the physical after effects. That is why Basic Life Support is important in diving where you have to provide your ABCs (Airway, Breathing, Circulation...) to an unconscious diver as the first thing that come to your mind is that he is deprived of Oxygen.
As for ur second Q, Yup, it is! Muscle cramps occur when your muscle starts burning lactic acid as your body depletes itself of oxygen. The longer time you breathhold, the higher the chances of this occuring. As your body depletes itself of oxygen, so does your brain. And we know for a fact that 4 minutes without oxygen will make your brain cells die.
I hope i have answered your Q.
Thanks again.