You need to watch Mythbusters more often....
Anyway, if the elevator free-falls, you would be in a zero-gravity environment, as well as being pretty much completely disoriented. Your ability to change your position would, for all practical intents, be zero. But, ignoring the reality....
The elevator won't be completely in free-fall; there will be some air resistance slowing it down, as well as cables possibly unwinding off spools and guide wheels dragging. This means that the elevator will be falling slower than freshman physics (1 g in a vacuum) would dictate, but probably not significantly slower. Assuming the elevator fell 5 stories (16 meters for arguments sake), it would be travelling no more than 17 m/s (about 38 mph) when it hit in 1.8 seconds.
You can't jump upwards hard enough to save yourself - you'd have to launch yourself upwards at 17 m/s, which means you could do a standing high jump of 16 meters. You would ram yourself into the roof of the elevator as hard as if you had hit the ground.
Laying flat on the floor would probably minimize the damage you your body, but would probably still cause fatal brain damage, depending on how quickly the elevator decelerated.
My suggestion would be to let your friend lay down flat on the floor, and you lay down on top of him. Your body crushing his would reduce the deceleration you are subject to, possibly saving your life.
/frank