This is, more than anything, a filter engine for integrating 3rd party database lookups. In it's current form, the filter allows for text of the form
[item]Earthwarden[/item] (for example)
The module is designed as a filter engine, so if somebody wants to use Thottbot, or even a DB for an entire different game, they simply need to copy the wowdb.inc or wowhead.inc file, and modify the hooks to work for the desired item database.
Sites using Lootz
If you are using this module on your site, let me know and I'll add you to the list.