Self waterproofing

I'm sure there's a thread somewhere about this but couldn't find one. I've done research on canvass waterproofing but find that too heavy for what I want. Am looking for silicon waterproofed nylon but that's horribly expensive here. But I stumbled across this vid and was wondering if anyone here has done this or has seen one done.

http://www.youtube.com/watch?v=-UTZPllgqSc

Am thinking of giving it a try.
 

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