Closest thing it looks like to me is part of a water spigot with the handle gone. Though the female fitting on the side confuses me, especially since it doesn't appear that you can put a wrench on it and turn it. Possibly a gas spigot or an air valve of some type too (from an air compressor, think a car shop that would need to fill up a tire), the top controlling the valve.
I can't imagine this would be worth any more than the value of the metal in it. Really nothing exotic to it, IMO.
