Here's a link to a young man performing the effect:
http://www.youtube.com/watch?v=iVfReJQauf8
Also, there is a trick called "The Elongated Lady" in Peter Kane's book
KANE on page 40. In Kane's version, the card stretches North and South...unlike the version in the video link.
...And, Jon Racherbaumer published his version "The Lady Stretches" in Kabbala Volume 3 on pages 5-9. Jon's uses a slighly diffent method than Peter Kane.
...On Peter Duffie's website you'll find a link to yet another decpetive version of the 'stretching effect here (contains video demo):
http://www.erdnase.plus.com/trancefusion.htm