Strange toy nose... does anyone know about this?

I have been helping my dad clean out things in my grandfather's house recently, and we came across an item that has me curious as to its purpose. It is a toy nose with a on on the back that you press. A red light cycles between four choices before stopping on one. The choices are unbearable, hot garbage, old cheese, and good news for noses. It says 2007 Imperial Toy LLC, 2007 Viacom, and Made in China on the on in small letters. I have tried to go the company's web site to look it up, but had no luck. I have googled this thing, and also had no luck. I am just wondering what the point of it is. Hope someone can help!