i noticed it in alot of people's sigs...i figured its some kind of effects pedal.

could someone fill me in on what it is used for?

its an EQ pedal. basically an addition to your basic EQ on your amp (Bass, mid, treble) so you can fine tune your sound to your taste
It is an EQ pedal.

It is a low end one however, much cheaper than say the BOSS pedals or the far more superior MXR EQ's.

Basically it lets you mould your sound in much more detail than say you can with an amp or other effect pedals, especially distortion and overdrive. You can boost lows, mids and highs or vice versa.

Very useful but mainly used by professionals and people who record - however a lot of software includes EQ's now.
Flap it and enjoy yourself...

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