You may have seen or heard of this trick before. It is especially good for cutting inside when you are on the flanks. Basically its the opposite of the Elastico which is going in then out. The Outside Elastico goes outside then inside.
There are 2 versions of this trick: Beginner and Advanced
Beginner:
Step 1: Grab a cone and place it on the ground if you don't have a cone anything like a bag or shoe will work.
Step 2: Take about 5 steps back from the cone.
Step 3: Start dribbling towards the cone, when you first start you should do this slowly and then get faster as you practice more.
Step 4: As you get close to the cone take a small touch to the outside and then quickly touch the ball again to the inside. The second touch should be bigger then the first touch. Remember the touch going outside is to fool your opponent.
Step 5: Keep practicing this until you get better and faster. Eventually you can do the trick with out using two touches. When you feel comfortable try the trick with one touch: outside then in.
Advanced:
The more advanced version of the trick uses your heel to flick the ball to your toe in one quick motion. You may have seen Cristiano Ronaldo do this a couple of times. Here is a video showing a good example.