What's a Rainbow Loom?

What's a rainbow loom you ask? Whaaat? What rock have you been under. It's only the coolest craftiest piece of plastic that makes awesome bracelets that when they fall apart leave little bitty rubberbands all over your house!
Oh, but Wyatt loves it and got straight A's on his report card so he was rewarded with one. Oh, and mommy "kinda" likes to play with it too.