"Free Fallin'" is the opening track from Tom Petty's 1989 solo debut album, Full Moon Fever. The song was written by Petty and his writing partner for the album, Jeff Lynne (and also features Lynne on backing vocals and bass guitar). The duo wrote and recorded the single in two days, making it the first song completed for Full Moon Fever.
Reseda – a neighborhood in the San Fernando Valley
101 "Ventura" Freeway - the lyrics mention "a freeway runnin' through the yard" of the subject's Reseda home - putatively the 101 Freeway, which has an exit for Reseda Boulevard, albeit in the higher-income neighborhood of Tarzana
Tom Petty explained in an interview with Billboard magazine that he and Jeff Lynne were sitting around trying to come up with a song, and Lynne got him to say "free falling". The next day they went and recorded the song. He didn't write it about any person, but instead what he saw on his frequent drive through Ventura Boulevard. 
In 1996 - Stevie Nicks covered the song for the Party of Five soundtrack, and the song was later included on her album Enchanted.
In 1996 - The improvisational comedy troupe The Dead Alewives recorded a parody of the song, titled "Total Recallin'".
In 1999 - Deana Carter sang a version of the song that played in the Season 3 finale's ending credits of Mike Judge's animated comedy King of the Hill (airdate May 14, 1999); this version was later included on the series soundtrack released later that year.