The first part of the famous Basic Brewing Radio podcast with the StarSan inventor (mp3, ~11MB) talks about effective, 30-second wet contact, no-rinse sanitizing with a pH-modified bleach solution.

The process is this:
add 1oz of plain cheap bleach (no fragrance) to 5gal water, stir.
rinse the measuring device!
add 1oz of plain white vinegar.

That's it. [Vinegar is used to drop the pH of the solution into the 6.5-7.5 range for effective santizing...

fratermus

Prolog: I have been storing yeast cultures on agar slants for the past few months to good effect. It's fun and saves gobs of money on yeast; buy it once and you can own and trade it (practically) forever. The technique discussed here might look like yeast washing, but it is different in that the culture[s] are preserved from a pure source and later used for pitching. In contrast, yeast washing brews with the pure source and salvages yeast slurry after fermentation for later use.
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fratermus