People across the world watched Thursday as a homemade balloon soared 7,000 feet over eastern Colorado after a 6-year-old boy, thought to be inside, set it loose from his parents' home.
But the fate of the boy, identified as Falcon Heene, was unclear after the balloon landed near Keenesburg -- about 60 miles by road from Fort Collins -- at 1:35 p.m. (3:35 p.m. ET). The balloon was in the air for more than an hour and a half.
A sibling said he saw the boy get into the craft Thursday morning, raising concerns that the boy may have fallen out of it, authorities said.

"At this point, we are thinking that he did not fall out of the balloon and is somewhere on the ground," Larimer County Sheriff's Office spokeswoman Eloise Campanella said. "The basket itself was not breached. It does not look like he fell out of it, but again, this is all conjecture."
Campanella said authorities are searching the neighborhood for the boy.
Source http://edition.cnn.com/2009/US/10/15/colorado.boy.balloon/index.html
He who laughs last obviously has'nt heard the bad news.