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This effect has been around for a long time, but if done with the proper patter and pinache, you'll fool your audience every time.
Begin with the four Aces on top of the deck. You can shuffle the deck before beginning the effect as long as you leave the Aces intact. Lay the deck on the table and ask the spectator to cut the deck into two fairly equal piles. Once done, ask him to cut these two piles again... leaving you with four piles on the table.
Keep track of the pile with the four Aces on top.
You will now ask the spectator to perform a series of simple moves. Have him pick up a pack by casually pointing to one other than the stack with the Aces. Ask him to take three cards off the top, put them on the bottom, and then deal a single card onto the top of each of the other stacks.
Repeat this a second time with a second stack, again not using the stack with the Aces. Three on the bottom and then one onto the top of each of the other stacks.
Repeat a third time with the third stack, again leaving the stack with the Aces on the table. At this point, you're ready to allow the spectator to take the fourth stack, the one with the Aces on top, and repeat the same routine a fourth time. The stack in the spectators hand contains three indifferent cards on top, one from each of the other stacks, and then the four Aces. Once the spectator takes the top three cards and places them on bottom, he is ready to add one card to each of the other stacks. What card? one of the Aces, of course.
You are now ready to stop the effect and offer a quick review of the 'random' manner in which everything took place, including the fact that the spectator actually cut all the packs himself. Now it's time to reveal just how -Random- everything actually happened.