Wasn't that how Sam Neill explained it in the movie Event Horizon?
Pretty much.
That is also pretty much how it would work if space-time could
A) be be warped or folded at will
B) or wormholes existed or could be created
We already know that gravity can bend light and therefore, theoretically warp space-time. It is one of the tools used by Einstein when trying to prove his theories as evidenced from the photos of the 1922 eclipse that the "Wallal expeditions" took of light bending as it passed by a massive body with gravity which , in this case, was our sun. He had to wait until prime eclipse conditions existed however, so the evidence could be obtained.
Einstein put up with a lot of ridicule until this evidence was obtained.
EDIT:
It apparently looks a bit like this when it happens (the earth being the massive object and the grid being space-time):

Here is a link for more info.
http://www.windwardcomputer.com/blog/2011/05/13/einsteins-theories-confirmed-again-by-nasa-probe/