When I jumped back in the 70's I thought of something like this, but I never got around to buying the rockets, building the wings...or even the paint, for that matter.
But I did jump out of a Pilatus, like this guy did. Yeah, I know. Big Deal.
I will give him the "Big Brass Ones" award for this toy.
http://www.youtube.com/watch?v=CFj1aDdyIcU&mode=related&search=
this guy flew in 2005 with out a wing