From the sounds of it this service is supposed to provide quality of service (QoS) for multimedia application. The purpose for that would be that if you're using a computer for a highly intensive task that it won't let sound or video skip. This is an optional service though and it can be disabled if it isn't needed.
Please visit /tools/services/ for the complete Vernalex.com Services utility.
"He did not move. Eyes shut, he waited, shivering. He heard Travis breathe loud in the room; he heard Travis shift his rifle, click the safety catch, and raise the weapon. There was a sound of thunder." --A Sound of Thunder, Rad Bradbury
