Parachute is a game for the Game & Watch where you have to save people from a helicopter and make them land in your boat. You will direct your boat under the person try and let them land safely. If they land in the water, a shark will come and eat them- if this happens three times you will lose and will have to start over.
In Super Smash Bros. Melee, Mr. Game & Watch's aerial standard-A attack opens a parachute for him hitting opponents nearby. In Brawl, he instead uses it as his up-B recovery move after being launched by a trampoline from Fire.