Yeah but when you get on this sleep schedule there can be serious health effects, also as soon as you fall asleep you go into REM sleep which isn't very good for you, so after a while the only sleep you get is REM sleep and no light sleep which can't be good either. I believe some of the founding fathers tried this.
Also if you have any kind of day job or time commitments it's no good, because missing a bit of sleep will throw you off entirely, and you can't exactly take half hour naps at work or school, or if you happen to have a badly timed appointment.
I'd love it if this worked but realistically if you need contact with anyone at all on a regular basis it won't really work.