This kernel module, entirely useless, and probably not even very funny, is meant to torment people you don't like. And who let you have root access anyway.
As the description states, when loaded it will set a timer for a random amount of time into the future, 0-65535 seconds, to call panic() with a randomly selected message (grep'ed from the kernel source tree, see panic_msgs.h)
This really should serve to frustrate and annoy anyone attempting to use the machine if the module were loaded automatically on boot. Don't do it without expecting a nosebleed when they find out it was you.
Not much to it, type make and it'll compile. insmod it and it'll do it's thing.