Heres my go, although wave_hands() seems like a funny name for the routine... ;-)

sub wave_hands {
    my $mask=0+shift;
    my $i=1;
    my @r;
    for ( my $p=$#_ ; $p>=0 && $i<=$mask ; $p-- ) {
        unshift @r,$_[$p] if $mask & $i;
        $i<<=1;
    }
    return @r;
}

my @arr  = qw     (and you will be pleased with the results);
my $mask = 0x2b; # 0   0   1    0  1       0    1   1
my @result = wave_hands( $mask, @arr );
print "@result"; # "will pleased the results"
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If speed is a concern you shouldn't pass this stuff on the stack, use refs instead...