I do the...
-right turn
-immediate foot on curb (become pedestrian/parked)
-wait for break in traffic, foot up/become cyclist, left turn from curb/parking
-right turn
In a car, I suppose it's analogous to pulling out of a parking space/lot and pulling into traffic moving to the left (not really a u-turn since you're coming from a parking spot/or coming out of a parking area to go in the opposite direction)...
I don't think it's legal, but at the same time, I don't think it's illegal. Kinda like filtering through traffic.

edit- never knew this was called a right turn fakey.