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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
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The video is real, albeit a little deceiving. He is wearing a harness underneath his clothes and there is a lanyard coming out one of his sleeves that connects him to the rig.
I think a terminal Mr. Bill is possible. If you could get your arms underneath the main lift web of your partner's harness, I think you could hang on. Hopefully it would not break your arms.
I was once caught on my way to the plane with my chest strap misrouted and had dreams for months afterward about trying to do this.