Well, is it a chip? Doubtful. A chip in an '06 would be silly. Is it a flash programming device? I bet it is...
Is it an XCalibrator 2 made by SCT and tuned by Doug at BamaChips.com? Pretty sure.
In that case, the previous owner sets it to stock.
You download and install "LiveLoad.exe" from sctflash.com (downloads page).
You pay a dealer to send you the tune files for your PCM code.
You enjoy your tunes.