NOTE: If you don't mind cheating, try the exposure meter bug. Save the game before the meter runs out and reload. This should reset the exposure meter. Just be sure to save in a new slot just in case, and don't accidentally save as Lara is about to drown!

You don't have to use the bug to get the clips. It's possible to do it without losing any health, as long as you move quickly. The screenshot above shows the location of the ammo and the ledge where you'll climb out.

Stand between the metal box and the corner, facing the ammo. Then take a few steps back from the edge, so Lara is standing on the seam between textures, as shown above.

Do a swan dive (hold Walk, then press Forward + Jump) to dive into the water. Lara should then dive right down on top of the clips.

Watch your exposure meter. You need to get out of the water before it runs out or Lara will begin to take damage from the cold. As you pick up the clips, rotate to the right so Lara faces away from the wall.

As soon as she has the ammo, swim forward and up toward the surface. You're aiming for the right side of the little ice island above.

Pull up onto the ice (hopefully) before your exposure meter runs out.

Now walk to the right side of the little island and face the left side of the snowy ledge across the water.

Line up the jump as shown above and hop back once.

Now take a running jump without pressing Action...

...and keep running forward in order to stick the landing. If you grab, Lara will slide into the icy water and you'll need to swim around to the left side of the ledge where it's low enough to climb out. (The video of the exposure meter bug also includes this jump.)

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