it's a hash created by Eloqua identifying a contact and email, but I'm not sure how reliably you could use it to lookup a contact yourself (you might be able to lookup a visitor with it). There's a purl record field on the contact you can use for what you'd like to do - it's the first name and last name appended with a 4 digit code if I remember correctly. You can use it to do lookups - and if it's present in an eloqua landing page field merges will work automatically using it.
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