This question has been asked and debated many times. It seems the threads typically have the question itself, the person who did it in the sim, the person who used to do it all the time with a P2, the people who ask why can't it be done and the people who say do the math since it takes too long for a P3 to go through it's start up process.
What I am still hoping to see is a legit video of anyone actually doing it successfully.
My very humble opinion is that yes, I suppose it can work in real life but it would take an enormous amount of luck and an altitude much higher than we really should be flying our drones. My thoroughly unscientific guess is that if someone tried it from a very high altitude with 1000 different P3's that it might accidentally work one time. The other 999 times would result in epic Phantom splatter.