I used to do this trick all the time. I'd use one of those larger punch style balloons (the ones with the rubber band handles on them) and found they fit perfectly over the end of a 3-piece airlock. I have a CO2 "purging wand" that I use to purge fermenters, etc., and I'd just put a ballon over the airlock, put the wand in the other end, and fill it up.
I never really had any issues with this, but over time as I was looking to simplify things I gave up on the practice. I've been using Speidel fermenters for a while now, and these days I just screw the cap on tightly when cold crashing. I've never had any problems with the fermenters caving in or anything like that, and yes, it does pull in a bit of air when I unscrew the cap to keg my beers, but I'm not really worried about it. I had to take the balloon off anyway to keg, and while I'm sure I'm pulling in more air now, it's going into a well purged keg, and I immediately fill any headspace with CO2, vent, fill again, etc. until there's really only CO2 left.
I totally get that everyone has a different opinion on this one, but as far as I'm concerned it's not really worth the extra effort when we're talking about the minimal oxygen exposure I get using my current method vs. my old balloon method.