It could get a bit of oxygen, but nothing like what it would need. Gills are made up of things called filaments, each of which has lots of tiny frilly structures on them called lamellae. Each lamella is there to increase the surface area of the gill to allow oxygen to enter, and carbon dioxide and ammonia to diffuse into the water. However, these soft tissues collapse when the fish is lifted out of the water, so the overall surface area is greatly reduced and the fish won't be able to breathe as it does under water.
Never has your username been more appropriate.