Baumgartner is gearing up for the most dangerous dive of his career. He is attempting to jump from a helium balloon in the Earth's stratosphere - an altitude of at least 120,000 feet.
The courageous jumper is attempting to break four records, which include:
• Altitude record for freefall
• Distance record for longest freefall
• Speed record for fastest freefall, by breaking the speed of sound with the human body
• Altitude record for the highest manned balloon flight
"I am a very competitive person and I like to challenge myself," Baumgartner said.
Baumgartner, joined by Joe Kittinger (who set the altitude record in 1960, jumping from 102,800 feet), sat down with Early Show co-anchor Julie Chen to explain this thrilling new endeavor.
Kittinger, who is training and preparing Baumgartner for the jump, set the free-falling record of 4 minutes and 36 seconds.
"It was exciting," Kittinger said of his jump. "You're very busy the whole time, sky diving and talking into your recorder."
For half a century no one has surpassed Kittinger's altitude record.
Baumgartner, who will be wearing a Next Generation full pressure suit, hopes to set a new record, at five minutes and 30 seconds.
As exciting as the jump is, there are always risks.
No one knows what the shock wave will do to Baumgartner body as it exceeds the speed of sound; therefore they are doing a lot of tests beforehand at different altitudes.
According Baumgartner and Kittinger, the jump will take place this summer somewhere over New Mexico.
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Watch the two daredevils discuss the amazing stunt.