I think the loudness portraited in the movie is unrealistic, unless Mr Chigur was using his own low-powered handloads.
there's no reason it shouldn't work very well, especially in consideration of the sub-sonic charachteristics of the round. Go 3" slugs!
Well that doesn't look like a 12ga diameter hole in the business end of that thing! Hollywood. No doubt they exist though.
but you have to use sub-sonic shells to have the desired "pooofftt" effect..otherwise you will still here the crack when the slug breaks the sound barrier.