Take a look at this:
http://www.youtube.com/v/nqZWVT82Ekc

And there is some discussion here

This was done by Matyas Kuti at the Czech Open. He memorized the cube and solved a standard 3×3 Rubik’s Cube blindfolded in 54.xx seconds. He also broke the 4×4 and 5×5 Blindfolded Worlds Records at this competition.