I don't know if Cat was referring to the TV idea of the Falling off idea...
Regarding the TV footage thing, I think people had talked about it at one time, but I don't know if anyone ever had any success with it. I'd be curious if anyone did, as the only idea I can think of off the top of my head that might work (and Ive not had any luck) would be creating a billboard mesh (Like an FX) with an animated alpha enabled texture, and getting it to lock to the cameras viewport. I think the nif file format supports this kind of billboard (if I remember the tech documentation) but I don't know if the game engine itself will support that. In any case, its not some quick and easy thing to do (at least that I've ever heard of)
As for the falling off, you might ask this in its own thread just to keep answers separate and easier to find, I wouldn't worry about clogging the threads... we like threads.
Anyway if you mean something similar to the original FF mission where people can be knocked off the building, I think that's accomplished with scripting. You would need a map in which the "ground" plane extends out slightly past the high part of the map where you want players to go. Then you would create a big giant marker down at the ground level. You would then need to script the mission to register when an object or character enters the marker and destroy/kill the object.