Ichiban, I won't speak for any one else, but I had seen that clip, or one similar, before.
But I still call BS on that chuckle head in the OP.
In fairness I have seen guys do this in matches with Glocks. Mine won't (and yes, ok, I tried it
). I'm assuming that the guys who rum race guns use different springs than us mere mortals and I have no idea if its possible with a 1911. I do know I don't know WHY you would want a gun sprung that loose, but it can be done. 
FQ13
In competition you want to get back on target as quickly as possible so lighter loads generate lower recoil but require lighter springs.
An appropriate use would be if you injured one hand and needed to reload. A more practical alternative is catching the rear sight on your belt or the top of your pocket.
That doesn't require any modification to the gun.