It's at 3.09 in, It's like an explosive deadlift while raising a dumbbell above your head. It's used a lot in kettlebell training and works many muscle groups at once, which is why I like it a lot. Plus as long as you have the technique correct and drive with your hips its a rather smooth motion.
I've never tried it with elastic at all but I don't think they would work very well with this movement, plus by adding weight you increase the intensity of the exercise and allows you to measure improvements. You could always substitute this for the one arm dumbbell snatch or maybe even pullups/burpee combo instead if you don't have weights. But just two exercises in there which will fatigue the whole body.