That's exactly it, Jimi- I see that I didn't really elucidate on that very well.
I had a bass track laid down on a tune, and had a submix on the rhythm tracks. Then I had a chance for a really trick bass guitarist to come in and do the track for me, but I didn't really have time to unmix the rhythm track first.
So I just played the mixed rhythm track back to him, adding in the old bass part, but using the "INV" selection on the phase selector. I then carefully brought up the fader on the old part, finding the "sweet spot" where the two parts cancelled out perfectly.
The thing that was funny is that I thought it might work in theory, but wasn't really sure how sample accurate this whole thing was. When it worked, I was laughing like crazy- but I couldn't really explain it to the bass player, who was still learning some of the tricks of the recording trade.
So the motto is- "whatever works". Isn't it?