One of the best plays of this type I saw was done by Shaunte Rogers for GW. Rogers was a 5'4" guard, and he got caught with his dribble picked up about 20-25 feet from the basket on the wing. He attempted a turnaround jumper in the face of his much larger opponent, then turned and immediately blocked out, keeping his opponent pinned on the basket side. He correctly anticipated that it would be an easy block, tossed it right up into his opponent to get it blocked, then recovered the ball when it bounded away from the basket into the area he sealed off. CREATIVE!
As for why it doesn't happen much more, there are two reasons. 1) you can't very well control what happens when you bounce it off your opponent and 2) opponents at the highest level have quick hands and can take the ball from you (yhour playground opponents just can't make the same plays!).
Remember when Iverson did the "butt-ball" inbounds on the sideline this year (Iverson catches an opponent with his back turned on an inbounds, tosses it off his backside, jumps in, grabs ball and goes for lay-up). A couple of games later, Jordan turns his back on an inbounds play and entices an opponent into attempting the same move under the basket, then whirls and grabs the ball for an easy steal. The pros become a little too slick for the playground stuff sometimes
