The system doesn't work for several reasons. See the following Wiki article http://en.wikipedia.org/wiki/Martingale_(betting_system)
The presence of a 0 and 00 gives the house its edge, making the play unprofitable for the player.
In the short term the system can work, but if you begin with $1 and there were 10 losses in a row, on the 11th spin you have to bet $1,024. By this time you will have invested $1,023. So even if you win the 11th time you are barely breaking even.
Some casinos will have a table limit on bets, so you can't even do it if you try.