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I saw a video where a guy did this holding onto a parachute strap back in the day. It was probably fake or something because I don't think its possible to hold on when it comes out.
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I think you are talking about this stunt done by Greg Gasson. He has done this one may times and I can assure you he is not an idiot.
http://www.guzer.com/videos/jumping_with_no_chute.php