This item goes in the equipment slot that's usually empty: the Food slot. :)
To use: Make sure it's the first food item in your inventory. Upper-left corner of the upper-left bag to make sure. Then force-feed cheap food to prevent yourself from eating it. Remember, it's the SMELL that gives you the stats!
I got lucky and made these with just 166 skill at the time. As far as I'm concerned It's the best food item in the game even though they don't have the saves, HP or Mana listed here.