That is not how you catch a frisbee, that is how you catch a baby.
This is the $25 Star Trek U.S.S. Enterprise Flying Disc (not actually a Frisbee, Frisbee is a name brand) available from ThinkGeek. It's a flying disk with a freely rotating saucer section, and a foam body that stabilizes and flies behind it. Pretty clever. *waving Frisbee* Go long! Longer! Even longer! LONGER! "You just want me to leave." Yes I do.
Keep going for a couple more pics and some videos of the disc in action.
Thanks to Claire, who hit me in the head with an Aerobie flying disc at her last barbeque and now I have a stutter.