The EVA Parachute (also known as Personal Parachute) is a paraglider-type chute that can be deployed on all Kerbals if they are level 2. The parachute can be opened via the part menu or by pressing the P key. When the parachute is deployed, you can control it using the W(Up), A(Left), S(Down), D(Right) keys. The chute somewhat acts like a hanglider, gliding down, picking up speed unless you use W to slow down during flight.
The deployment altitude and minimum atmospheric pressure can be changed in the same way as a normal parachute, including the ability to cut and repack your chute. As of 1.5, there are no other types of EVA parachutes, nor pre-flight influence over their settings inside the editor.
In career mode your kerbal must be at least level 3 to use this feature. (NB: this is no longer true; in version 1.6.1 and possibly earlier, level 2 Kerbals have chutes.)