This small resistor converts your 3-pin fan from 12 volts to approximately 5 volts. Adding this adapter to your fan allows it to reduce the speed of your 3-pin fan, which in turn reduces the noise the fan makes. An example of the resistor in action with a 92mm fan without the resistor installed, the fan ran at 2700 RPM. Once the resistor was installed the fan ran around 1100 RPM, the reduction in noise was significant.
This resistor is extremely easy to install; simply plug the 3-pin fan into one end of the resistor and then the other end connects directly to your motherboard (or power supply).