The tool used to crack open a canister containing nitrous oxide, commonly known as laughing gas or "whip-its."
The simplest crackers look like a short fat cigar that unscews at the middle to form two equally sized, hollow pieces.
One of the pieces is solid and smooth inside, while the other side has a sharp protrusion of metal (pointing inward) next to a small hole at the very end.

To use the cracker, place a canister of nitrous inside with the sealed end pointing toward the protrusion and hole. Screw the back end on until the seal is punctured, and you're on your way.

You can buy plastic or metal crackers, though metal is best as the extreme cold may cause the plastic to become brittle. Aluminum crackers are good, although the best are brass like the Brass Monkey.
It is also possible to make your own out of pvc piping and a little know-how.