You need certain conditions for this too work.

1. Passive table - not a lot of big raises pre/post flop.

2. Loose oppnents - you want the pots multi way.

3. You still need hands with potentional, 87s, Face-x suited, stay away from crap like 92s, T4o, etc.

4. Players that will pay you off nicely when you hit.

If people are raising a lot, you are just tossing away money. I have used this fairly effectively in MTTs. In-fact, I like playing junkie hands because I know I won;t go broke with them like I may with AA or AKs.