In sailplanes, a simalar maneuver is done called a "side-slip". You use it to rapidly loose altitude when coming in for a landing. But keep an eye on airspeed and keep nose down, or you end up in a flatspin.
I beleive a very brave 737-pilot performed a simalar stunt in a passanger-plane a few years back to get his stricken plane down to safe altitude after a decompression event. Its daunting in a sailplane, must be really, really scary to do it in a 737.