It is for backflushing the cooling system. It runs water in reverse of normal. You can run the ski in the driveway with it also but only for 1-2 minutes since the driveshaft seal isn't getting any cooling water from the lake.
Remember when running on the hose: Engine On then water on, Water off then Engine off. You always have to have the engine running when the water is on or water will be forced through the exhaust into your cylinders flooding your engine with water.