What is this listed as a favorite in Finder?

Lately I have found another item (third one down) in my favorites list in Finder that I have no idea what it is. It just appeard and I have done my best to research without a single lead. I can click on it but it never moves from where I currently am. I can drag it up and down in the list. It does not appear in the list under Finder Preferences. I cannot find it in a Spotlight search either. I have a slight assumption that it may be a timemachine thing?  Has anyone see this before or do they know what it is? Does anyone know what the icon next to it represents? Any help at all would work wonders!
Also I just noticed that my computer was acting slow / laggy when I logged on just now and I went to open my wireless networks and it displayed "KAirportutility" and froze the system up for the first time ever. Upon restart I no longer see that and am not sure that its related but on the offchance I thought I'd mention it.
Late 2008 MacBook Pro OS X Lion 10.7.2

Does anyone know what the icon next to it represents?
It appears to be your home folder. The name is your short user name.

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