Sometimes it works, sometimes it doesn't. Often, you'll have to find a noob who is lacking knowledge of the game to pull this off, or atleast someone who isn't paying attention.
Well, in trade channel in Orgimmar I "/2 WTS: [Dragonstalker Breastplate], [Dragonstalker Helm]" etc etc. No, they don't have to be tier 2, or even epic for tha matter. Just BoP items you have.
Of course you get the usual "Those r bop u noob" responses, but often times you are flooded with tells from noobs "how much 4 it."
So, you tell them a reasonable price. Something you'd know they have. I offered my Dragonstalker helm for 75 gold. They usually jump at the offer, and sometimes even try to bargain you down *sigh*
Anyway, you throw 'em a group invite, and meet up with them where ever. You open a trade, and put the armor / item in the "will not be traded" section of the window after the person has put the money in.
Click trade, and enjoy. Yes, I have gotten this to work a 4-5 times, making about 500g. Usually the response is, "I don't think the trade worked. Its not in my bag!" and they ask for their money back. I like to scare them off with a "Now you're trying to rip me off?! You have the item, and I'll report you if you continue to harass me!"
After that, they usually don't report.
EDIT: Immediatly after posting I "sold" my level 40 mount that had been sitting my bag for months to some noob for 65g. You almost have to feel bad...