I believe its also known as the boatswain/bosun (british/american spelling) plait, cobra stitch and soloman's bar.
Don't think its quick to unravel though, if you pull the core out(the loop formed at the beginning) you'll end up with a chain of hitches in the rope.
The Slatt's knot will unravel itself with a tug.
Go to http://www.earlham.edu/~peters/knotgrfx/gallery.htm and scroll down alittle. There's a pic of the final product and insttructions.