The Doc�s explanation has nothing to do with gravity, but with the varying effects that air resistance has upon different bodies.
The Earth�s surface gravity has the effect of accelerating any mass by 32 feet (about 9.8 metres) per second per second. This is irrespective of the amount of mass. If you were able to drop a car and a feather from the same height in a vacuum, they will take the same time to reach the surface.
In the atmosphere, of course, the feather will float gently down whilst the car will crash to the surface. But it is the effect of air resistance that makes this difference, not the mass of the object being attracted.
The "terminal velocities" mentioned by the Doc are also to do with air resistance. The 120mph quoted for humans is the velocity at which normally a human body will no longer accellerate (in the lower atmosphere) no matter how far it has to fall. This is reached in about 5 seconds after the decent begins. The resistance of the atmosphere is then so great that gravity can no longer accelerate the human body. However, terminal velocity can be increased if the falling body adopts streamlining techniques such as posture or smoothed clothing.