Sacred Oracle Orb of Obliteration
This item is only available around April Fools day (mid March to mid May). It drops as loot from the Dark Archlapin of Death and Destruction (a Seasonal Content boss) and is given to you the first time to get the Find the Beast's Lair quest from Timothy the Enchanter.
This item can be placed as deco.
It can also be used as a weapon. To use it, you must have it in your inventory. Then, right-click on the orb. A target circle will appear on the screen. If the are no targets within the circle, the circle will be red. If you have at least one target within the circle, the circle will turn green (indicating that you can throw the orb) and you can left-click to throw the orb. The orb does 25-75 fire damage for one second to all enemies within the target circle. Unfortunately, you cannot place the orb on your combat bar or utility bar (it has to be used from your inventory window).
Easter Egg
The Sacred Oracle Orb of Obliteration is part of many Monty Python Easter eggs, see this post for details.
Trivia
It first appear in-game during Release 16.