Well, can it? I'm not going to answer that straight away, because somebody always complains about spoilers if I do. The answer's after the jump for those who can't resist clicking. Double extra spoiler note: also contains spoilers for an upcoming Mythbusters episode.
The whole speculation is based off this particular video, which I hadn't even seen before. Still, as crazy internet stunt videos go... it's one of them.
Something smells a little... dodgy, no? Over at Wired, Rhett Allain's done the theoretical maths behind that kind of jump, based on what's observable from the video. Physics isn't entirely my strong suit, but I agree with his conclusions.
Spoiler alert: He thinks it's all kinds of fake.
Still, he can't quite work out the exact details, especially relating to the momentum-slowing effects of bubble wrap. Enter everyone's favourite busters of internet myths, the Mythbusters. As an aside, does anyone else miss when they'd bust actual myths?
Given that Adam Savage's Twitter account was hyping that he jumped off a building covered in bubble wrap — but not how much bubble wrap he was actually covered in — I think we can all see where this is going. [Wired]