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It is definitely legal in the NBA. I'm not sure about the NCAA.
source: YouTube video of Kobe Bryant
EDIT: Switched to direct YouTube video instead of Google search result URL
source: http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CD8QtwIwBA&url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dn0QYg08oPFU&ei=mLQ-T8z3EvSk2gW2yPCKCA&usg=AFQjCNG1eHGyaZeWVoQu7I8Ek5k9ocCaVgYouTube video of Kobe Bryant
source: http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CD8QtwIwBA&url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dn0QYg08oPFU&ei=mLQ-T8z3EvSk2gW2yPCKCA&usg=AFQjCNG1eHGyaZeWVoQu7I8Ek5k9ocCaVg
