When I was a very young boy, I got to see Bill Jordan run through his standard demo. He was hitting aspirin tablets with wax bullets out of a K-frame S&W at about 15' from the hip at what seemed like insane speeds. I think there are videos of it online.
Later, I read his book, No Second Place Winner, plus Fast and Fancy Revolver Shooting by Ed McGivern, Kill or Get Killed by Rex Applegate, and pretty much every word that Elmer Keith and Skeeter Skelton ever wrote. Then I burned up a lot of ammo trying to duplicate their feats.
It's possible to get hits from the hip but I'm not sure that the juice is worth the squeeze.
Okie John