It is, it's called a "flutter" a lot of the time, although I've also seen it called a "gurgle". Can't really help you much with the execution though, I'm not a whammy bar kind of guy.
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As Zaphod said, it is most commonly refered to as "flutter" with the whammy bar. It is done by using your left hand to play either one note or a cluster of notes, while using the right hand at the same time to lightly hit the whammy bar. Note that when using this technique the whammy bar is facing backwards, so instead of pointing towards the neck it is pointing towards the lower strap lock, this is cause you want to raise the pitch more often than not with this technique than lower it.

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look for vids of Brad Gillis playing. You can probably find has star licks vids with an exact explanation of the flutters. Whammy stuff was his main thing.

A lot of it will also be in how the whammy is setup. Is your whammy "floating?" In other words can you pull up on notes with the whammy as well as drop them down? Im pretty sure it has to be floating and even then the tension (number of springs etc) has to be correct to really get that sound. In Brad Gillis vids' he also gets that sound simply from playing note and then taking the heel of his right hand and hitting the body of the guitar and the whammy is setup in a way that it will flutter just from that.

Steve Vai/Satch also used the flutter thing.

this vid has several whammy techniques

The "lizard down the throat" was first heard on Satchs "Surfing with the Alien" album
yeah flutter/gargle, as zaphod said.

sickz nailed how to do it. turn the tremolo bar to face the strap button at the bottom of your guitar, and then whack the bar as close to the end of the bar as possible (since the further you hit from the pivot point the more force you get... moments and all that stuff from physics).

better quality floyds will do it better (and with some of the very poor quality ones you'll struggle to get any flutter at all). in fact that's one of my not-very-scientific-but-decent-rule-of-thumb tests for whether a floyd is any good or not. if it doesn't flutter well odds are it's crap.
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Last edited by Dave_Mc at Aug 23, 2014,