Drath told me to write down and share my epic story with everyone about this certain, fantastic NPC.
Sooo the transmogrifier will turn an item into a similar item. For example, I needed a laser cannon to complete my Doom 64 collection. I didn't have any laser things, and only a cannonball and cannonballer (which are one word and doesn't count, I learned that the hard way).
But there is an item called "laser beam" which I didn't have either. I had a wide beam, transmogrified it to laser beam through connection of the word "beam", the first attempt gave me a wide-brim hat. With the laser beam I transmogrified it into laser cannon.
I did something similar with another set, if I'm one item away from getting a collection I would definitely use this guy.