I had a slight feeling you would ask that
"The Invincicatch
How to Perform: Simply catch a Bomb with the Invincibomb (Airdodge then Instantly Hit A. Just remember to keep the joystick neutral.)
Effect: Toon will catch the Bomb, airdodge and the Bomb will slowly fall down like a Z-drop. The Effect all depends on what the Bomb was doing before you caught it, but pretty much, the Bomb will instantly slowly fall as if it had been Z-dropped. So a quick example, someone throws a Bomb up at you, you catch it with the Invincicatch, it instantly starts slowly falling or if you catch a bomb that is falling down, it will instantly loose it's momentum and slowly fall.
Note: This can be used to make the Bomb fall through platforms! Simply stand underneath a platform, Jump and catch the Bomb with the Invincicatch when you're just starting to jump through the Platform or you can just catch it at the peak of your SH. To make the Bomb go through the platform, you can either Z-drop it on top of the platform then Invincicatch it, or throw it up through the platform then Invincicatch it when it's on it's way back down just before it explodes on the platform. The Invincicatch can also be used to Invincidrop the Bomb on platforms. You are not limited to your own Bomb either. You can Invincicatch other things as well like Rob's Gyro and Diddy's Bananas. Something you might wanna try; It's a mixture of the SHDB and the Invincicatch. Stand near the edge, Pull out a Bomb, tilt throw it up, Pull out another Bomb, SH, throw the Bomb, catch the second Bomb with the Invincicatch then DI off stage to avoid the blast (you should have been standing near the edge in step one). This technique is shown in DTL's video "Toon Link's Neglected Projectiles (and so on)" which can be found near the top of the AT videos.
Stages: All
Usefulness: 4/10
Credit: UncleSam"
I quoted this from the AT list thread on the TL boards
I discovered this by accident when I kept failing at trying to do this:
http://www.youtube.com/watch?v=IiBoClCHnx4