If you sanitise a bottle well (PET bottle is good, you don't need labware or anything flash) and when you have finished bottling or kegging or transferring to a second vessel for cold crashing etc etc , give the fermenter a good swirl to turn the trub into runny cream, and pour off through the tap into the PET - and a second PET if you have enough - leaving a few cm headspace, then squeeze the bottle to expel all the air and cap firmly. Give bottle a good washdown then store in a cold fridge, where it will keep for months, settling out typically to a half a bottle of trub and half a bottle of what is effectively beer. It will outgas some CO2 and the bottle will plump up again so the headspace will be pure CO2.
I saved a bottle of Danish Lager yeast in early March and got round to pitching it three days ago, so it was almost bang on 4 months in the fridge. I let it warm up gradually and by the time it was at around 18 degrees it was just about crawling out of the bottle. If it had been an ale yeast I would have pitched there and then (after pouring off the excess "beer") - but did a starter with a couple of litres of left over wort and it's hammering away now in the ferm fridge.
Even though US-05 is not too expensive I usually run mine for two or three generations before going onto fresh stock.
Daz, basically it works with any yeast. The thing is that by the time you get to reuse the yeast, by that time you are probably drinking the beer it produced. (edit: as Matt says) If the beer is good then you would have to be very unlucky indeed to have an infected yeast bottle, especially if you did it as part of the bottling / kegging process right there on the spot. Never happened to me.