Old Urban legend. Military High Altitude Low Opening (HALO) jumpers will jump from 25-30K feet and open below 2k feet. (sometimes lower, even).
Terminal velocity for a head-down parachutist is probably around 150 mph. Terminal velocity means that your wind resistance finally evens out your acceleration and you continue at the same velocity--no faster. Motorcycle racers routinely go that fast.
Terminal velocity for a parachutist in the usual 'relaxed frog' position is somewere around 100mph.
In short, it's not the fall, it's the really short stop at the end...