Hard to tell from the photos, but it looks like it may be everting its stomach. I'm guessing the frog isn't in immediate danger of suffocation as long as it doesn't get chased around (they breathe through their skin to a large extent). I've never dealt with this condition, so maybe searching here for past discussions would give you an idea if this is what's going on.
As always, If you are concerned about animal health, contact a qualified herp veterinarian immediately. Although this forum can be a great resource, it is absolutely not a replacement for proper medical treatment.