I do pretty much that when I'm training a lot so I don't have to do ridiculous amts of laundry.

Even simpler (but essentially the same)
- Throw clothes in shower.
- At some point, get a bunch of soap or shampoo on 'em and briefly lather them. Takes like 20 seconds
- Rinse them (important - I've forgotten to rinse a few times and wasn't good!)
- Hang dry on a hook in the shower

I don't even bother to wring them. Just drip dry, and they're usually dry by the next day, or at least dry enough that I'm not bothered if I re-use them.

I'll put 'em in the laundry after one of these cycles though.