I learned this trick from Stuart Barton (Barton Wakeboards & one of the originators of wakeboarding). He is in the wakeboarding magazine that had the tree of all the riders a few years ago. He was in the roots. I was fortunate to ride with him on Lake Saguaro in Arizona on New Years day a few years ago.
I nail this trick every time. I edge out to my strong side and gun it across the wake heel side. I do kind of a skip pop where I go wake to wake really low or you can just cut across the wake absorbing the pop and continuing into the flats keeping as much speed as you can. When you are about ten feet from the maximum distance you can edge out to, you lean back with both hands on the handle just before your butt will touch the water and fall on your back. You want to release your board from the water at about the same time (if you were laying on the ground on your back basically it would be the only thing touching from your neck to your butt). Once your back hits the water, it naturally spins you into a 360. Once the rotation is complete, you drop your board back to the water and ride away. I've been able to land this move with two hands on the rope and also with my lead hand on the rope. Sometimes it is easier to let go with the back hand and pull the rope into your lead hip with your lead hand.
It is funny on how many people prefer to see this trick from the boat even when you have some nice inverts/spins under your belt. I guess people get a kick out of watching someone pop up and ride away after it looks like they are crashing.