If we assume the earth somehow manages to stick together, then I suppose life could continue for humans, however there would be lots of loss of life.. The animals would probably all die.
We would have to "catch" the water and trap it... which has never had to happen in such a way :P
Otherwise, if you wish for the laws of physics to apply, then the sudden lack of virtual gravitons (there are many gravity theories... I use this one, because I like the word "graviton" :P ) would really throw things out of wack... I won't pretend I know very much about quantum stuff (despite learning about it in relative depth, as far as high school depth goes), but this would probably mean there is a deep disturbance in that quantum thingy those scientists keep on talking about.
The rotation of the Earth without gravity would be devastating... we wouldn't have time to think about it though... we would be dead.
However I would be concerned about Aliens... Yes... aliens... They would be the probable cause in my opinion... Just imagine what a race could achieve with an abundance of massless matter... probably infinite speed.
But one thing is for sure.. we would probably die one way or another.
Where you calculated the percentage difference, haven't you already taken the centripetal acceleration from the gravitational acceleration? Because the actual gravitational value is 9.81 ms^-2, and your value is a(g) - a(c).
And that acceleration percentage is simply saying that things would be going up at that rate? Very fast rotating things fling things in a straight line horizontally, so that is what you need to be concerned about.
I haven't done much physics in a long time, but I am going to say that with that centripetal acceleration, the surface would rip apart and fling away at 2.15 x 10^5 m/s.. Would not be good. The value is probably way off, but there is no doubt, things would "fling" (have never had to talk about things flinging in physics :P ) very fast.
Plus the atmosphere would simply expand into space, bringing people with it.
Okay, but let's imagine that the earth doesn't blow up and doesn't get ripped apart or thrown off orbit, nor does the moon or anything. Nor does the atmosphere itself float away. Could we survive? A lot of us would just be swept away by our own walking, but we might be able to move ourselves just a little bit by 'air swimming', I guess. Jetpacks might become the main source of travel. We might build a huge dome over the Earth to keep anything from floating into space, which would be pretty easy now that there's no gravity.
therocketeer:
To somehow "swim" through air more efficiently, we would would just have to increase the drag of when our limbs to push the air to propel us forward, like how divers wear flippers in the water to go faster.
Then we would have to wear very, very, very, big flippers on both our arms and legs.