From the picture it appears to be a heater control valve. When you turn the knob to warmer on the A/C heater control in should open up the valve to let hot radiator water circulate into you heater core there by warming the interior of your car.
On the Vic it is vacuum controlled by the climate control in the car when you set it for heat you can hear coolant running into the heater core if it has not been used in a while.
thank you sir, that is exactly what it is, the problem I am having is that there is a hole in it and it drips coolant onto the block, which has gotten irritating. So it is going to get replaced.
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