I discovered a new section on Drummerworld.com called "clinics". It contains a ton of instructional video clips. While I was surfing through them, I found this stick trick that made me chuckle. It's not that difficult and it's fun to do. As Jeff Queen says, it gets a great reaction.
Jeff Queen stick trick
I will say, it's easier if your drum is level, like he has in the video. If you're snare is tipped at all it becomes much more difficult. It works really well on a closed hi-hat and people can see it better.