1. set up a macro. the only thing the macro needs is the command; /logout
2. set it to your bar, as a keybound button.
3. use it in the same way as jumping after logging out (rember outside, not in citys) press the button it is bound to then quickly press space bar. you should float in the air.
4. now after practicing good timeing a couple times, jump off a cliff or semi-high place (where you would normally suffer fall dmg) I did this outside of the IF gates.
5. press the key and jump forward (works best to be running toward cliff, then press macro button, then jump.) you should stop in the midair destin to fall to your death (or suffer a lot of fall dmg )
6. heres the tricky part... keep you mouse over the [cancel] button in the logout window ready to press it... now press it and VERY quickly hit the macro again, you should fall a ways down, then stop in midair a bit lower (can take a while, all depends where you are and such)
7. repeat 6 untill to the ground or close
8. celibrate going down a cliff with out fall damage by /danceing at the bottom
when you use this you must be carefull, it is extremely easy to mess up and get the "cannot logout now" message...then fall the rest of the way down So practice on smaller cliffs before you decide to jump of a zeplin or something.
if you have a laggy connection, you fall further between presses, going faster and somewhat simplifing the process.
i have no idea if this is bannable, i highly doubt it is, but i am not responsible for your actions just incase....
last but not least id like to say proudly, i discovered this glitch/exploit/trick, or whatever youd like to call it, 100% on my own. including the orginal floating in midair logout thing (sure many have discovered and shared but i assure you i figured this out on my own with out lookng on any sites or asking anyone...100% by accident)
Happy falling.