What kind of piece is this? Emboss says "(c)2003 The LEGO Group" and there is a 4303 number below. I browsed Peeron a little but didn't find anything similar.
There are two red handles, one rotates minifig legs back and forth, second one make it straight.
EDIT: fixed part number, it is 4303, small chance for 1303 with overburned 1