Any of you fine gentlemen out there tell me what the hell this...

 

Welcome to the forum

What year Ranger and what engine?

Its a Noise suppressor, so a condenser/capacitor

Usually attached to coil positive wire and grounded by steel clamp around it
Can't cause engine running issues just noise on Radio, AM the most, usually not FM

If engine cranks but won't start, do 50/50 test
Spray fuel into the intake and try to start
If it starts, runs and dies you have a fuel delivery issue
If it doesn't fire/start then its a Spark issue
50/50, instant results on where to go next

If it doesn't fire and its's a 2.3l then it could also be a broken timing belt issue