Its a splash potion that gives experience points. It was originally intended to be used to give yourself experience in creative mode, but they just allowed you to enchant without using experience in creative. So I guess it's just for adventure map purposes now as you can't craft it in survival.
Thanks for the info. I couldn't find anything clearly stating what it did on the Wiki, and when I did a search in the forums, NOTHING came up!!!! Thanks again, I'm a noob and need all the help I can get.
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