SuperDuperRockLee
Q: How does the summoning jutsu really work?
A: Here's my theory: When using the Summoning Jutsu, Your chakra travels through the ground at light-speed (your blood a tribute to give it more speed) and locates the object you're summoning. The object then becomes sort of a ghost, invisible and traveling through objects, until it reaches its destination. Its return to physical form is what causes the cloud of smoke. And, of course, you couldn't do it in real life, or at least in this manner. If you wanted to make it look like a summoning jutsu to fool your friends, try hiding an electromagnet up your sleeve (as long as what you're retrieving is magnetic!) Then make the hand signs and turn on the magnet. Of course, you have to be sure the object is close enough.
Thats a rather inelegant theory. For one, being matter being incorporeal is hard to do for physics. Particles can Quantum Tunnel, but getting all the particles in an object to tunnel is really, really hard. Furthermore, matter cannot travel at the speed of light, energy can only travel at the speed of light. A better explanation might be wormholes or quantum teleportation. (note, I don't really know much about naruto. I'm just using the description of the summoning jutsu on wikipedia)