I've seen this done before on different sites so I didn't create it. I'm just showing it so that more people can know about it and get free drinks at bars from their friends.
Step 1: Prep Your Lighter
Curving the wick creates a small pocket where a smaller blue flame can still burn even while the main flame has been put out.
Easy, right? Now let's do it.
Step 2: Pinch the Flame
So light up your Zippo and pinch off the flame. This is done by putting your thumb and index finger together and closing off the flame by moving them across the top of the chimney.
If you do it right, you'll see a small blue flame caught under the curved wick. If it's not working, tilt the lighter a little bit to the outside and try again. This gives a better angle for the wick and makes it easier for the flame to get caught.
If you're still having problems, try adjusting the wick again. Just make sure to let the lighter cool off before you touch it.
Assuming you have the trick going properly, talk about how you're holding the flame in your hand, how cool Prometheus was, or whatever else to keep the suspense going.
Step 3: Bring the Flame Back
To distract anyone watching, make some movement with your other hand. Open it up so it looks like you put the flame that you were holding this whole time back into it. Or you can snap your fingers. Or say "redrum" really frickin' loudly. Make something up.
Step 4: Look, No Hands!