Devil Man is a cartoon character that World Industries created to sell skateboards. He is pretty much just a modified smiley face on a stick-man body. The main differences being that he is red, has horns, and a goatee.
Devil man was the first recurring character used in the skateboarding industry.
The stories of Devil Man and his friends were perpetuated by "comics" (read: ads) put out by World in skateboarding magazines.
Devil Man is, you guessed it, the Devil. Satan. Mephistopheles. Beelzebub. The Beast. All of the above. A lot of people didn't realize how much marketing power absolute evil has, especially when you make it look cute. World was laughed at first, and then they took over the whole industry.
Below is a terrible ASCII image of his head.
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Since his induction as mascot, Devil Man interacts a lot with characters such as Flameboy and Wet Willy.