How dangerous is firing a gun into the air?
Here’s some pretty lazy journalism from the BBC, who ask “How dangerous is firing a gun into the air?”, concluding “it is a potentially fatal activity, which regularly results in the deaths of bystanders”. They back up the claim by citing numerous examples — none of which appear to be about people firing their guns in the air!
For example, the article mentions that “in 2010 a Turkish bridegroom killed three relatives when he fired an AK-47 at his own wedding”. But a Google search reveals that this incident was actually caused when “the groom lost control of the weapon as he tried to fire in traditional celebration in the air at the ceremony […] The guests were sprayed with bullets and the groom’s father and two aunts were killed”. (This was reported by, ahem, the BBC.)
In fact, according to a study conducted by the US Army Ordnance in 1920, a 7.62mm round like that fired from an AK-47 will leave a rifle at a velocity of around 850m/s, but in free fall reaches a terminal velocity of around 100m/s (http://www.loadammo.com/Topics/March01.htm). This makes sense: in free fall it’s propelled only by gravity rather than a ballistic charge, and it will tend to fall base down, giving it a less aerodynamic profile.
According to that previous link, at that speed the round have only half the energy required for a “disabling wound” - it might still injure you seriously, but it won’t kill you.
So it appears the answer is actually no. Having said that, I wouldn’t want to find out the hard way.