Sorry bud, but you're wrong on this one. You accelerate in the vertical direction slower than you would in a free-fall, but your speed is still increasing nonetheless (net >> vert).
Also, to whomever said terminal velocity is XXXmph... terminal velocity changes with your drag profile as well as air density. You reach it when the force of drag (slowing you down) equals the force of gravity (causing you to accelerate toward the ground). So if you're going headfirst or spread out is going to have a major effect on your speed. But if you're at a very high altitude where air density is low, you could go a lot faster than your standard 13 - 18k jump. Check out the Red Bull Stratos site for mind blowing info on a jump they are planning:
http://www.redbull.com/cs/Satellite/en_INT/Article/Risingtoachallenge--RedBullStratosArticles--RedBull-021242810648654