Phoings mean Pho(ne Sett)ings.
It's an application to quick manage settings of your phone.
It can handle bluetooth, wifi, gps on/off and settings, autorotate, synchronize, plane and phone mode's, brightness and some useful info about memory, SD, ram and battery.
Added on 0.3 update flashlight and shortcut to locale settings.
Added on 0.4 ability to define and apply profiles, and App2SD (for Froyo and above).
To access profiles just tap on "Phoings" name on the upper left corner. You can apply one of saved profiles or jump to a simple profile management function where the current settings can be saved as profile to be reapplied in future, or where you can update or delete profiles.