Parachutes are definitely a newbie question.
Parachutes are practically impossible on a drone as small and inexpensive as a Phantom. It's really hard to find a place to mount one --- on top there is very little space in between the props, and you wouldnt wanna block the GPS antenna. On the bottom, there's hardly any room between the landing gear. The weight alone would probably cause overload warnings as soon as you took off.
Sadly, the only remedy for a falling Phantom is to cry some tears and watch it plummet to it's death. Whip out the ole credit card and buy a new one.