Does Anyone Know What This Is?

(the AA battery has been added to show scale)

We have come upon a piece of equipment that we just can't seem to figure out what it is. The above picture shows the piece fully assembled.

This is the way it looks when it has been disassembled.
This piece has been a puzzle for us for quite a while. We thought that the answer might come from one of you. If you have an idea of what this is, please send us a note!

E-mail Us!