That'll be a Davy descender. We had loads of them in College when I was an undergraduate. Crazy scary looking really. Couple of chums of mine managed to get a ride on one once when they came round to inspect it. A bit like throwing yourself out of a perfectly serviceable aircraft, why would you parachute for fun?
Are they made to be the right length so that they come to a stop just as your feet touch the ground? Don't you end up with broken legs?
Davy Descender - Descent-Controlled Escape System
£500.
We had one in our room one year - fourth floor. But no training was ever given; can only imagine the carnage if they'd ever had to be used in anger. I'd always imagined a gentle descent, rather than parachute speed. And presumably your speed is dependent on your weight.