I have always used is as a marlin spike or fid. It has the convex/concave shape for strength so you can bend it around. I use it mainly to untie tight knots. It's teh same tool I bought from Murray's.

I wear that tool around my neck beneath my life jacket. I probably should get a divers knife and attach it to my jacket as I leave my leatherman (multi-tool) in my tramp bag. Kind of hard to cut yourself out of line if you can't get to the knife.

One more thing I remembered I carried in that bag is 50' of 3/8" rope for towing. If you ever need a tow it never hurts to have the line. It also comes in handy for jury-rigging a righting system if need be. My freind has lost about 4 righting buckets while saling. They have all fallen off of the tramp and sank.