It sounds like reverse sneezing to me as well. Buster does this also when he is excited or drinks his water too fast. He are some videos to compare from the YT library.
http://www.yorkietalk.com/forums/die...d-trachea.html
With Buster I do a couple of things until the cycle breaks. With Buster I have learned to put a finger over his nose so he mouth breathes and it breaks the reverse pattern. Another method I like is I also will lift his back legs so he is doing a handstand (all while holding onto him so he does not fall) and then stand him on his back paws and gently repeat this until he stops. I usually hear the sound of it going back into correct position. I also stroke Buster's chest as this seems to help too.