This is "E.G.G.", a japanese toy. It's a top, as in a spinning top, in a Beyblade fashion. You take off its arms and legs and compete against some other E.G.G.s. The really neat thing is it comes disassembled in a blister, with instructions -- no glue required. The assembly is really clever.

My brother bought the entire collection in a whim and he gave me this model as a present. Now they're nowhere to be found. :(