SInce we are talking about a carbonated drink there are several
complicating factors, like at what altitude was the drink bottled and
what altitude was it opened. Bottlers change their recipe slightly for
altitude with high altitude drink having a lower concetration of
carbonic acid than low altitude drink. Several years ago I took a soft
drink from Chicago to the top of Santa Fe Baldy in NM (which is over
13000 ft). When I opened the drink it spent almost a minute just
foaming (and I had been very careful to not giggle it as I had be told
what to expect).
Also, although the liquid as a terminal velocity higher than the sky
divers, I suspect that the drops from the drink would flatten out
immediately after leaving the can, thus making little hamburger shaped
droplets (which is the real shape of rain drops).
SO my GUESS (sort of tongue in cheek) is that when the sky diver opens
the can she would become enveloped in a foamy cloud of Mt. Dew.