I have one of those hanging near my bench, too, as does just about every other electronics tech I have ever worked with. The cord with alligator clips on it was usually called a "suicide cord", to distinguish it from a "cheater cord" which was a cord with a 2 pin connector on the end used to power up an older TV set with the back removed (before they started soldering the cord right to the PC board).
Yes, they can be a very dangerous device in untrained hands, and are probably not OSHA compliant either. And color coding the clips (black/white/green) is a good idea, too!
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