I played in the same conference as Grinnell and was recruited to play there. It really is a crazy system. But the story behind it is really interesting. Coach Arsenault has several keys to the game that the team tries to hit every night. They've run the stats and found that hitting certain statistical goals basically guarantees a win. They've run the math over the years to hone in on the best strategy. As originally devised the idea was to shoot a 3 within the first 10 seconds of the shot clock and then give up a layup or get a steal within the first 10 seconds of the shotclock while on D. They sub 5 guys at almost every break in the action, even if they just subbed 5 guys 15 seconds ago.
After a couple of down years I think he realized that he had to adjust the style of play slightly based on the skills of the players he has on his team. For instance, with certain "lines" of players they might move to a zone or shoot more twos. But the gun from deep mentality is still the core of what they do as far as I know.
When we played them we were forbidden from shooting any 3 pointers. Heck, basically anything other than a short jumper was frowned on. You looked for layups as often as possible.
They had a game on ESPN2 back in 2005 but sadly, that was one of the down years so it did not make for good TV.