Theory
A plumb line hangs in a direct vertical line, establishing a gravity-based relationship to the horizon---the green, in this instance.
Technique
Holding the putter with two fingers just below the grip, look at the hole in line with the ball. When seen from behind a suspended putter, the hole may appear to the left of the plumb bob, indicating a right-breaking putt, or vice versa.
Problem
It is crucial to stand perpendicular to the green. This is difficult to do because the natural tendency is to lean into the hill.
Practitioners
Senior golfers Ben Crenshaw and Hale Irwin are known to plumb-bob every putt, but many others try without knowing how to do it correctly.
Effectiveness
Dr. T. J. Tomasi, one of golf's top teachers, says, "Here's a rule of thumb that will save you time and trouble: Plumb-bobbing doesn't work." His conclusion? "The entire process is full of error at every level." Translation: Don't waste your time.