Yes, what you're looking at it is what you think you're looking at. It's an old school embossing label maker that's packed with gum.
OK, the build quality on this guy leaves a lot to be desired. And the gum tastes downright awful (that is, for about 8 seconds before it loses its flavor). But, and this is a big but, it works! You can crank out messages to your sweetheart all in the medium of bubble gum.
How romantic is that?