It appears to be some kind of stinkhorn. Halo's description was actually pretty accurate.
http://en.wikipedia.org/wiki/Phallus_(fungus)
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Punny worked hard on this! - http://img.imgcake.com/Punny/Gennypngas.png
Nio-chan and me! - http://img.imgcake.com/nio/gennypngun.png