Where are you getting Semiologic from? I downloaded a copy and didn’t find anything like that in it.
You can read about widgets here:
http://automattic.com/code/widgets/use/
Also a long list of Widgets and Themes supporting widgets
http://automattic.com/code/widgets/use/
Darn, used the wrong link above for the list of Widgets, and widgetized Themes–should be:
http://codex.wordpress.org/Plugins/WordPress_Widgets
I’d suspect that the “Executable PHP Widget” would allow you enter PHP code into a Widget on your sidebar and do all sorts of fantastic (dangerous) things!
Yes, that’s just what it does. Kind of like the text object on steroids. To me it’s purpose in life it to allow you to inject PHP code into your sidebar without mucking around in the raw sidebar code.