It's a cork bore sharpening tool. In chemical labs, corks were used to seal various size glassware. To put various sized tubing through the corks, cork boreing tools were used. Each boreing tool was a three inch long thinwall brass tube, externally sharpened on one end with a T-handle on the other. The set of boring tools, eight or ten total, were nested inside each other. When a tool got dull, you held it by the T-handle, put the tip of the conical tool in the opening, pushed the blade against the dull tube tip with your thumb and rotated the the T-handle until the bore tool was sharp.
Not funny but accurate.