Legal yes.
Your odds of doing it in game at full speed are pretty much nill. Defender will get you. You rarely see anyone get enough time and space to pull a move like this. If you look the kids are skating at half speed doing this. Full speed with a defender back checking you would be wy to hard. If you attempted it and botched it coach would likely sit you down for the rest of the period for screwing up a breakaway. Also someone would likely beat your ass if you pulled it in game. Maybe not immediately, but likely before games end

One of the issues you see with this is that while the kids are talented the goalies are still learning. they are not comming out to challenge the shoter and take away his space. That with a defender back checking equals low success in game. Now on a penalty shot or shot out more likely.
The move is a variation on the michigan. Its called the michigan because.......
[ame="http://www.youtube.com/watch?v=htGOV7gQJ6A"]YouTube - THE MICHIGAN GOAL[/ame]
or more likely to occur
[ame="http://www.youtube.com/watch?v=TS0SyV-F6rk"]YouTube - Robin figren's amazing Michigan goal! 28th Dec 2007[/ame]
The last 2 videos are much more likely in game. The issue is I could see some fight occurring as a result of the shooter showing up the goalie. There is a reason you dont see anyone do it in the nhl. You do see it in roller hockey though a little more