This is called the Turkish Get-Up an exercise that's highly recommended in - The 4-Hour Body - that terrific book that I'm absorbed in at the moment.
I'd seen it only once before and didn't know that was what it's called. Of course now I'm going to incorporate it a little in my workouts to see if it lives up to Tim Ferriss' hype.
Although the video above is slightly inaccurate.
You're supposed to use a dumbbell. I guess there weren't any blondes around?