Google 'exercise induced asthma' that's what it sounds like to me. I've had that since I was 12. I've finally almost "cured" it 2 years ago when I read an on-line article discussing possible mechanisms (no one knows what causes it, but it isn't all that uncommon). This article suggested wearing something around your neck in fall->spring - and voila! I can breath. I still get hives (<10% of the people who have exercise induced asthma get hives with it), but I no longer end up sitting on the curb coughing while people discuss calling an ambulance.
Also, I've been told by several doctors that there are no documented cases of death from EIA - so although it feels miserable, it isn't as deadly as asthma can be. I don't have an inhaler, never got one, just suffer through it.
If you want to try the neck warmer thing, I use a buff when it's warm outside (70ish) and a turtle fur when it's cooler. When it's really cold, I breathe through the turtle fur, which is a little icky due to dampness, but makes me feel a whole lot better.
http://www.campmor.com/webapp/wcs/st...roductId=18339
Good luck!