So a tongue in cheek article was put up on Wired a few weeks back: "Could Captain America Jump Without a Parachute?"
Its a good read and breaks down all the science behind the free fall and the impact. We learn for instance that Cap was traveling at 67.2 m/s when he hit the water. He slows so fast that his body would suffer 337 gs as he plunges into the drink.
He would die.
EXCEPT, he's not Batman.
He's Captain America Bitch!
Its a fun read, check it out, link above!