As you and your hapless companions hurtle downward, with the walls, ceiling and floor of the lift also hurtling down, stand on those conveniently placed bathroom scales. You may well find that your apparent weight, with respect to the lift, was significantly reduced as both you and the theoretical lift were in free fall.
The fact that you (and the lift) were falling is evidence that you still have weight and when you eventually hit the ground, at whatever terminal velocity, your weight will have been augmented by momentum gained by the fall.
Squish! Gather the pieces and hoover up the liquids. There will still be weight.
The so called weightless flights in planes are simulations created by the plane accelerating downward slightly faster than the rate of free fall, and the illusion is created as the passengers float inside the plane. The natural frame of reference, the plane walls, floor, ceiling etc., are actually moving downwards slightly faster that the people, but they see the plane insides as part of the firm and solid foundation of their world, and therefore experience "weightlessness", whereas nothing of the sort is true. They still weigh just the same as they did before, it is a matter of relative motion.
Gravity acts on stuff on Earth such that a body will fall at an increasing rate, such that after the first second it will be going down at 32 feet per second and it will add a further 32 feet per second to the speed at the end of each further second travelled. There is a natural cut off where air resistance inhibits further acceleration.
Look at
http://en.wikipedia.org/wiki/Free_fall for the formulae for working this out.