It's called the Hamel Spinner, invented by some Hamel guy in the early 1900's, I had this idea for awhile too and I recently discovered it, sorry man 10/10, it works IRL!!
http://www.youtube.com/watch?v=MUJ62NF9iYQ&feature=fvw <- in action!
NICE! You need to turn off borders though... Everything has borders to me, which was strange. And where was the Boss? I just jumped off the thing and landed on a blue thing and then 'The End'...
Yes, I know softbodies have been around forever, and I've been around for about a year or two.
However, I have made a softbody before, and it's not bad. It just uses springs. I haven't made a softbody without springs yet. I know others have, but not me, and this is mine.