It's supposed to be used to increase recovery and the possiblity of hyperplasia.
For the chest stretch, hold two dumbbells in the bottom position of a flat bench press, and let them slowly weigh your arms down, stretching your chest. Do not do these in a fly position. You can hurt your rotator cuffs this way. Probably your wrists and elbows as well.
Lats, just hang from a chin-up bar.
Biceps - put the bar at shoulder-width height in a rack. Place your back to the bar. Grip the bar behind you with your palms facing down. Squat down slowly, without letting go of the bar.
Shoulders - same as biceps, but grab the bar with palms facing upward, and walk away from the bar slowly.
I just did splits for my hamstrings, and stretched my quads normally.
I didn't see any difference with "Extreme Stretching" compared to my regular stretching. That may be, though, because I already stretch a lot.