This is an audio peak level detector used to warn radio announcers when their audio level are too high.  The idea for this product came from Wally Christensen, owner of KLOH/KISD Radio in Pipestone and KJOE Radio in Slayton, Minnesota.  This device monitors the output of an audio console.  The red Peak Detector light comes on when audio exceeds a pre-determined level.  Then, there is a time delay of up to 3 seconds before a buzzer sounds.  The station purchased two units so far.  As a custom shop project, they came to about $300.00 each.