I believe running it Twice is a Gentleman's agreement that only happens in cash games, The player ahead can offer the player behind or at risk, an option to run the remaining cards in the hand twice or even 3 times.
It is not usually allowed in tournaments as the object of the tournament is to KO the players and reach the final table. So running the cards twice would be defeating the whole idea of a tourney.
The reference to Phil Helmut in the "Big Game" was referring to a hand when Phil had Hit trips on the flop and the loose cannon had an over pair to the table and pushed all-in, Phil called and being his usual "cocky" self said they could run it 4 times if they wanted and the loose cannon agreed, missed the first finish so 1 to Phil. 2nd run gave the loose cannon a King so he had a bigger set to Phil, 1 each, Then on the next run came runner runner spades to give the cannon a King Flush, 1/2 and then on the last run the last case King came on the river giving trips again to the Cannon. giving the cannon 75% of the pot
Funniest result I have seen in a long time.
When the fun Stops, STOP!