Bob its the engine block coolant drain plug.
If you flush / drain / replace the coolant you'd need to open this too to ensure as much as possible is changed to fresh
I love that! You can put a hose on it and not spray coolant all over the place. Every block drain I have seen for the last twenty years was just a hole straight out the side.
And if you run straight water, you can make hot cocoa and instant coffee on blustery track days as komiko suggested. Sounds like the basis for an April Fools post...
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