I used to make the "parachute man" toy a lot when I was a kid. I was visiting Danielle and Rhett. He got inspired to make a pulley system to drop parachutes similar to one he'd seen in a science museum with his little boy Rhett.
Here's what we came up with.
It works really well and little Rhett loves it.
Step 1: Parachute Man
Cut a square piece of the lightest cloth or plastic you can find.
Tie four strings to the corners.
Tie the other ends of the strings to the dude that's going to parachute.
The following steps show details of those steps.
If you've already got your parachute and parachutist,
feel free to skip ahead to the pulley system at step 7.