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.
"Whether you think that you can, or that you can't, you are usually right." --Henry Ford (1863-1947)