(ETA: There are about 25 other names for it: Portuguese knitting, cottage knitting...) No, it's when you use long needles (only excuse I've seen for the old 14" ones :teehee: ), hold the one with the work under one arm and work the stitches with the other. The idea was that you could knit while walking and carrying stuff. The yarn usually goes in a large pocket, a belt holder or a tote bag over the shoulder. There are knitting pins made that you thread the yarn through to provide tension, but a lot of people who knit this way just throw the yarn around their necks to add a bit of drag.
This style is good for those who have had strokes or are missing a hand, since you don't have to be able to use the needle-holding arm at all as long as you are able to stick the blunt end of the needle into your armpit and use the arm's weight to hold it.