Don't forget about turbulence. My dad used to be a navigator on B52s (a rather large airplane). On day, while flying over some mountains in the middle of a storm, his plane dropped over 5,000 feet in a few seconds. Yes, everything in the cabin not held down hit the top of the plane. The cause of this large and sudden drop was a large downward flow of air from the thunderstorm combined with a large downward flow of air from the backside of the mountain. You'll never hear about a drop this fast from a commercial airplane though, because they tend to avoid mountains and thunderstorms for this reason.
The speed of an airplane is relative to the air around it. That is why airplanes use two speeds: air speed and ground speed. If an airplane encounters a 100kt tail wind, the air speed might be 150kts while the ground speed is 250kts. The air speed, not the ground speed, is what a pilot uses to determine a plane's actual speed (for the purposes of structural integrity [most important while the landing gear is lowered], and fuel consumption). The ground speed is used for navigation purposes (such as determining an estimated time of arrival).
The same difference between air speed and ground speed goes for vertical air flow as well. Planes cruise at a vertical air speed of 0kts (maintaining altitude). Normally, air flow does not deviate much in a vertical direction. But near mountains and in thunderstorms, air moves in a vertical direction. So if the air flow relative to the ground is moving 100kts downward (toward the ground), an airplane that encounters this vertical airflow (a.k.a. turbulence) would lose altitude at a speed of 100kts relative to the ground. But it's vertical air speed relative to the air around it would still be 0kts.
So for those of you considering the terminal velocity of the airplane or saying that 12,000 ft in a minute is not possible, just remember that relative to the air around the airplane, the airplane was not moving downward at all and in fact was maintaining altitude. But relative to the ground, the airplane lost altitude.
Anybody who knows more about airplanes than I do, feel free to correct me or expand. This is my understanding of how airplanes work based upon my dad's experience. I know there is at least one pilot on this site that can correct me or explain better.