I'm not the founder of this glitch, basically what it allows you to do is prestige your gun and keep the attachments etc that you had before prestige, working as of 11/23/12.
EDIT: Also, I'm not sure if this works on xbox, the video shows PS3.
It's cool but is it only 2 things u can keep? Or are they all unlocked and after u turn ur game off and back on say an hr later is it all still unlocked? Only asking bcoz that clan glitch works but after u come back ur clan been removed