Dear god no.
I haven't actually seen anyone do it either. Just heard them talk about it on message boards.
if i'm sitting next to a buddy, we make ourselfs look like gambling addicts but really are just looking for the card.
right after they burn, i turn to my friend and say, i'll bet u 5$ the burn card is red. He takes the bet, and if i win he gives me the chip, if i lose i give him the chip... it's a 50/50 bet so in the long run it'll turn out equal...
Plus it's fun to see other ploppy's reactions, when in reality, it's a much more high probability than the game they are playing