Remember folks, these companies are getting more from you then you are from them.
I think the the interviewer (or company) would probably take this as an insult.
But I do agree with you in that these types of interview questions are pointless. Spitting back an answer verbatim demonstrates nothing.
A neat approach that I've seen people use is to take a you-should-know-this concept such as the merging part of merge sort and put a twist in it, so it isn't a simple spit-the-answer-back, but different enough to require some thought.
Yet isn't it surprising perspective employees don't feel the same? Or maybe we do but we suck it up to get the job.