Well, at least they got half the chemical reaction right....
Saponification obviously doesn't produce alcohol and salt, but soap and glycerol. Why the heck would it be called saponification if it didn't make soap?
Edit: and his clarification really doesn't help; soap is not a salt and glycerol is not an alcohol. If glycerol is an alcohol, then so is soap -- or indeed the esters and triglycerides in the oil they start with. He's still going to need nitric acid to make that nitroglycerin I'm assuming he's aiming for.