Step 1: The setup
It involves soldering thick copper wires to the two leaded sides of the integrated circuit so that all the leads receive the heat from the iron. Light pressure excerted upwards on the chip will cause it to snap away from the board as a soldering iron is applied to heat the entire side.
This is then repeated for the other side and thus we have a chip free of the board.
All that remains is to clean the board and chip for reuse.
Just watch the movie for a demonstration. The picture below shows the sophisticated lighting, camera and computing machinery involved in filming that video.