I don't ever remember being able to "fart" in PAIN.
One of the "Actions" That you can do in mid air with Jarvis, he turns around and farts mid-flight. See the first post, one of the pictures.
By the way, one of the easiest ways to get the 300,000 height reaching record is trying out the new PainLabs™ level. There is a giant vertical wind tunnel that launches you very, very high.