So this might be a dumb question but I was looking at my control panel a little more and noticed an OpenPGP Key manager, Can anyone explain to me what it is and what it does or what it's even used for?

AFAIK PGP == Pretty Good Privacy. I'm sure if you ask my friend [link=http://www.google.com]George Oogle[/link] about it he'll be able to help you.