damm, thought this was about overtaking a car while it is overtaking another car.
Time the gearchange right and you can announce to your competitor as you pass him that yes, you do have a turbo'd, dump-valved, child eating, old woman scaring, flame-spitting monster innit!!!
Seriously though, yes, I have done this manouvre on a few occasions, and usually make sure I have enough grunt to pass (M3), as some drivers feel obliged to keep you out so you can't get passed, it's perhaps them who are being stupid not the overtaker. Thing is when you are committed to the manouvre when do you decide to give up and pull back in? Easy to say here, but in that exact moment if you know your car is faster.....