It is worth the trouble to return to Fizzcrank Airstrip as soon as you find this item. Through the quest it gives you will get which is very useful for questing in this area.
The Ultrasonic Screwdriver is an homage to the sonic screwdriver, seen in the BBC's Doctor Who series. The Doctor, a Time Lord from the planet Gallifrey, uses the sonic screwdriver to open doors and activate/repair/disable various mechanical devices.
One of the Doctor's companions, Romana; who ironically is also a Time Lord (the more political correct term is Time Lady) also uses a sonic screwdriver - one that even the Doctor himself wanted to steal from her.
Patches and hotfixes
/ Patch 3.0.2 (14-Oct-2008): Added