Dear sarcandra, I can't say whether or not the first sentence is "fine" - I suppose that at some time or other "exhale" could evolve into a noun. To date, I have never heard it used as such. But since you asked about its usage in casual English I would say yes because I knew exactly what was meant.
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HI! As a yoga teacher/student I have definitely heard it used as a noun, so I think it is evolving as we speak, but it kind of gives me the jitters. Its especially weird when I find myself saying it! eep.
LauraRose
Oregon
I've just read a series of novels by author Melissa McPhail; inhale, exhale, inhales and exhales are all repeatedly used as a noun. I prefer inhalation etc. I've not seen or heard it used as a noun before this.
She is a U.S author and I read that she is a yoga instructor. Perhaps the use of exhale and inhale as a noun in yoga explains her frequent use in her writing.
Regardless, I