It works in applications like:
- Finder
- Preview
- TextEdit
- Xcode
In Terminal type:
defaults write -g NSScrollViewRubberbanding -int 0
It should work after you relaunch your applications.
To undo this change, run this command in Terminal:
defaults delete -g NSScrollViewRubberbanding
[kirkmc adds: Works as described. I haven't tested many apps, so feel free to post which ones work and which don't in the comments.]

