If my baby falls out and I put it in a bucket does it need to breath?

I am wondering if a baby comes out prematurely, can it survive purely from the umbilical chord? My friend says that some women are flappy and loose and the baby can just fall out so if it was still getting it's oxygen and nutrients from the mother via the umbilical chord, what is the difference between it being inside the womb or outside in an artificial womb, perhaps a heated tank of amniotic fluid?