Limpwristing is what happens when a martini drinker suddenly tries to heft a pint of ale
Seriously, it is probably the most over(ab)used excuse for a malfunction in the firearms world. If you have even close to a proper grip on a semi automatic, one hand or two, the gun will cycle. I don't know exactly how fast the typical slide is moving, but I know that every semi automatic I've ever fired had a slide that would cycle faster than I could move any part of my body more than 1/4"...
Just using the energy explanations already given, the only way to physically cause the slide to not fully cycle would be to either hold it shut or othewise impede it's movement, or, pull the trigger without holding any part of the backstrap. If you are holding any part of the grip, except for perhaps holding only the very, very bottom with 2 fingers, and then pull the trigger, the gun will be pushed back into your hand, and enough energy will be absorbed to slow the progress of the frame pushing back to contribute to successful function. Another thing; remember that the slide is fixed to the frame via rails. The slide can only move in one plane - back towards the shooter, and must overcome the force of the main spring to do it. The firing pin strikes the primer, which ignites, then lights the powder, which produces gas in an incredibly high pressure enviornment. With no room for that pressure, the bullet is driven out of the expanded ( against the chamber ) case, down and out the barrel. While this is going on the case retracts a tad, and the leftover energy is spent on the slide, or rather, pushing the empty case backwards. The case is being 'held' by the extractor claw against the "bolt/breech" face. Without the supporting chamber, if the primer were struck, the case would simply explode with the bullet in a barrel but not having a chamber, or would be fired off the bullet if the cartridge were not supported at all. But, the cartridge is supported in a chamber, and the energy cannot go in all directions. The energy is generally not sufficient to overwhelm the chamber & barrel, so the energy finds the path of least resistance to "get out". That is operating on the slide pushing backwards.
Now, I'm quite certain there are folks out there with a better grasp of physics than I.. But I just see "limpwristing" used in so many situations which have a perfectly legitimate physical explanation that it completely erodes the credibility of the entire premise of limpwristing ( a semi automatic handgun, not an ale )