A fishing parachute? Yes, but not the kind of parachute you might be thinking of—this one works under water. It doesn't actually exist yet, but it's a patent for a device that tires out fish. When a fish is hooked and starts pulling on the fishing line, the chute opens, creating lots of drag as the fish tries to escape.
Unless you're talking about extremely large fish, it already doesn't seem like a fair fight between man and fish with just an ordinary fishing pole. This doesn't seem quite fair, similar to using a submachine gun for hunting.
Fishing Parachute [OhGizmo]