What you've described is not agile in my opinion nor does it conform to the principles laid out by the manifesto. I worked in what I consider to be a truly agile/scrum team and we had two week iterations with five minute standups each morning and a thirty minute demo on the last Friday of each iteration followed by an hour of planning poker to estimate items on the backlog. Then we left for the weekend, ready to start a new iteration the following Monday. The rest of our time was direct development and we (three developers 1 QA and 1 PM) created a great SAAS product in nine months from start to finish. The best part was that we were making an agile planning tool so when we got far enough into the project, we started using our project to plan its own development.