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Don't forget mass. Don't try this with a bowling ball. No one said Myth Busters follows scientific protocol, but they do research the math in most cases. Most of the variables that have been mentioned would make the possibility of injury even less. Remember we are talking about a free falling bullet. If a .50 caliber bullet would kill just from being dropped out of an aircraft we wouldn't need guns.

It's probably best to not fire any rifle or handgun ammunition into the air. If the ammunition has any kind of ballistic properties, then don't do it. Yeah, fired at or near vertical the bullet will not have much energy when it hits the ground, but...

A shotgun with birdshot is another matter

The top of my head is pretty soft, as is the rest of it.