Orlando v Wizards last night. (tonight depending on ur timezone)
In bounds pass to alley-oop
Clock doesn't start until the ball touches the hands of a player or the floor (or the backboard/rim obviously).
So technically a full court lob, with 1 second left, even though it takes 2-3 seconds to get there, doesn't wind the clock down.
still not a real life scenario - usually teams call a time out such that the pass is not a full court pass. Ironically, the game engine doesn't call lots of time outs in the last 30 seconds of a game in order to simulate this.
So its kinda like two wrongs sorta make a right.