Nope. Wrong. With the same air resistance both objects will fall at the same rate, regardless of their mass. Galileo supposedly did an experiment by dropping two balls of differing weights from the top of the leaning tower of Pisa, and both balls hit at the same time.
Galileo is often cited in theads like this one, and almost always in support of fuzzy logic regarding what happens to aircraft during a dive or a zoom. While it is not certain that Galileo actually carried out this experiment, if he had he would not of obtained the results that are widely reported. Just out of curiosity I investigated this a little more. I carried out the calculations in two different ways, firstly by writing the equations of motion as differential equations and solving them by direct integration and also by writing a high frequency simulation and comparing the results.
Firstly I used the calculations to verify the experiment I posted earlier (scroll up to see the video) and then to make predictions about what would have happened if Galileo had carried out the experiment. Assuming Galileo really wanted to see the influence that weight had on falling objects it makes sense that he would have used two similar objects of different weights and cannon balls would have been an obvious choice. Picking them as far apart in weight as possible, so that any difference would be highlighted is also an obvious choice, and in those days 6lb and 36lb iron cannon balls would have been available. If dropped from 183ft above the ground, when the 36lb ball struck the ground the 6lb ball would still be 1ft 4 inches in the air. Sine the 36lb ball was only just over 6 inches in diameter, a difference of 1'-4" should have been easy to see, if not so easy to measure.
But if only Galileo had a taller tower. If the same two cannon balls were dropped from the Empire State Building which is a little less than seven times taller, when the 36lb ball hit the ground, the 6lb ball would still be 48ft 5 inches in the air. Which means the heavy ball would have landed while the lighter one was just passing the windows on the 5th floor... Galileo would certainly have noticed that

Perhaps Galileo did spot the difference, which may be why he never described the experiment himself.
The fact is that if we want to know how aircraft perform in a dive or a zoom Galileo's alleged experiment does not help us. Newton on the other hand was born the same year that Galileo died, and Newton's laws are much more helpful.
Regards
Badboy